How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
Author: DREAM AND BUILD SUCCESS
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IN-OFFICE TAX PREPARATION
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ARE YOU PAYING WIRELESS TAXES?
A typical American household with four wireless phones paying $100 per month for wireless voice service can expect to pay about $221 per year in wireless taxes, fees, and surcharges – down from $223 in 2016.
2018 tax plan, in 2 charts
Tax reform is making progress, but there’s still a long way to go. AP/Alex Brandon
Income-tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump.
The Senate’s bill proposes keeping seven tax brackets but changing the income ranges, while the House’s version of the bill would reduce the number of tax brackets to four.
See Some Benefits Under the House Tax Cuts and Jobs Act
Currently, businesses are required to use accrual accounting if their gross receipts exceed $5 million, but the House Tax Cuts and Jobs Act would expand that to any business with gross receipts under $25 million.
The House Takes a Big Step Forward
A short time ago, the House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227-205. This is a big step forward towards passing comprehensive tax reform.
STANDARD DEDUCTIONS CHANGED?
The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed.
2018 TOP TAX TIPS
The tax items for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year.