On May 16, 2019, IRS reported that they have found an error in the 2018 version of the Schedule D Tax Worksheet that they released to the tax software community in January of this year. As such, capital gains of some taxpayers were not taxed at the correct tax rate. IRS is stating that they […]
The following is a brief overview of Tax Cuts and Jobs Act’s (TCJA) key changes (and non-changes) affecting individuals. Tax Rates and Brackets. TCJA provides seven tax brackets, with most rates being two to three points lower than the ones under present law (the top rate goes from 39.6 percent to 37 percent). The top […]
Because the Tax Cuts and Jobs Act (signed into law on December 22, 2017) eliminates many personal itemized deductions beginning in 2018, and makes other changes that may affect your tax benefit from the deductions that remain, it may make sense to accelerate some deductions into 2017. Examples of items that can be accelerated include […]