What the New Tax Bill Means for You

What the new tax law means for you. December 28, 2017 *Updated as of January 2, 2018. On December 22, President Trump signed into law a major overhaul of the American tax code.

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The Trump tax cut turns one-and you're about to get your first return ready under the new law. Here's what you need to know.

The first tax filing season under the new federal tax law is proving to be. That means the exemption you could previously deduct for yourself.

Instead of pushing back against this trend, the new tax law exacerbates it.. The deduction effectively means that certain pass-through income will face a lower tax rate than wages and.. 2018 dub this the “You, Inc. strategy.

One thing that isn’t disputed is that he knew how to cut his tax bills by setting up shop in the U.S. Virgin. Even now, what’s legally on offer there “is a huge gift” for people of means, said Tim.

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Homeowners should investigate how much of an increase a new addition means to their property tax bill prior to construction. Call the local building and tax departments. They’ll be able to give you a.

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SC bill means tax cuts for many, increase for some.. Simply conforming the state's tax code to new federal tax law would have cost S.C..

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Senate Bill 208 would allow insurance companies from outside the state to access a 25 percent state tax credit on any.

The new tax law does result in some people paying higher taxes (especially. Whether you get a refund or owe extra to the IRS at filing time is a. In the aggregate, this means higher taxes for a few people but lower taxes for.

Tax refunds so far have been smaller than last year's. Some. A refund means you overpaid and got money back.. A Treasury Department spokesperson said the new tax law "cut taxes across the board, particularly for.

Tax reform 2018: Breaking down the changes to US tax laws The new bill lowers the corporate tax rate from 35 to 21 percent. How does it impact my personal income tax? The bill keeps the seven tax brackets while reducing the rates for five of them.