In 2017 tax brackets were 10%, 15%, 25%, 28%, 33%, 35%, 39.6%. In 2018 tax reform changed the rates to 10%, 12%, 22%, 24%, 32%, 35%, 37%. As your taxable income increases so does your tax rate bracket.Most tax payers will pay less on their taxable income due to TCJA, Tax Cuts and Jobs Act.
The child tax credit has seen an increase in the amount of $1,000 verses last year. The refundable portion is limited to $1,400. The credit phaseout will increase to $200,000 for single and $400,000 joint. Other dependents qualify for a $500 credit which will apply to the increased credit phaseout.
Withholding rates changed in 2018, meaning that you may receive a smaller refund this year. Taxpayers review your tax withholding using the IRS Withholding Calculator and make any needed adjustments early in 2019. Doing a Paycheck Checkup can help taxpayers avoid having too little or too much tax withheld from their paychecks. Schedule income tax preparation services and a Tax professional will customize a plan that suits you and your families needs.
What if I do not have a Social Security Number and I need to file?
Get an ITIN Number.
What is an ITIN?
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).
What is a tax lien and how a Lien Affects You?
Assets — A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
Credit — Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.
Business — The lien attaches to all business property and to all rights to business property, including accounts receivable.
Bankruptcy — If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.
Why must my business be tax exempt compliant?
Avoid fines, penalties and revocation. You could be liable for additional tax. We keep your organization exempt and compliant. Schedule an appointment before it is too late.
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