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The New Tax Laws and Your Tax Return

The IRS is urging taxpayers to review the new tax laws prior to filing their 2018 in order to avoid any unexpected surprises. The IRS has created Publication 5307, which is a great guide to help taxpayers get ready for the new changes for 2018. The guide breaks down the information in basic terms so it is easier to follow and understand. It goes over certain topics such as:

• The child tax credit increasing.
• Suspension of personal exemptions.
• The standard deduction increasing.
• A new credit for other dependents.
• Certain deductions being eliminated.
• Updating your withholdings from your paychecks.
• Paying estimated taxes.

Every taxpayer should be prepared for these changes. The link to the publication is:

https://www.irs.gov/pub/irs-pdf/p5307.pdf

Please consult your tax advisor on all the above information.

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