How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
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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.
YOUR TAX RATE
Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income.
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