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Both chambers of Congress have now passed the Republican tax overhaul bill on strictly party-line votes.
It's the first such overhaul in more than 30 years. President Trump signed it into law on Friday. The tax overhaul -- which will affect all corners of the U. The final bill still leans heavily toward tax cuts for corporations and business owners.
But it also expands or restores some tax benefits for individuals relative to the earlier bills passed by the House and Senate. The individual provisions would expire by the end ofbut most of the corporate provisions would be permanent. All told, the final bill includes trillions in tax cuts, most of which but not all are offset by revenue-raising measures.
That number would be much higher if, as Republicans assume, a future Congress does not allow the individual tax cuts to expire after The bill would not affect taxes, for which Americans will start filing their returns in a month or so.
With that, here's a quick rundown of 16 key provisions in the final bill. Lowers many individual rates: The bill preserves seven tax brackets, but changes the rates that apply to: Here's how much income would apply to the new rates: Nearly doubles the standard deduction: The percentage of filers who choose to itemize would drop sharply, since the only reason to do so is if your deductions exceed your standard deduction.
Doing so lowers your taxable income and thus your tax burden. The GOP tax plan eliminates that option. For families with three or more kids, that could mute if not negate any tax relief they might get as a result of other provisions in the bill.
Read the Republican tax plan 4. Caps state and local tax deduction: Today the deduction is unlimited for your state and local property taxes plus income or sales taxes. The SALT break has been on the book for more than a century.
The original House and Senate GOP bills sought to repeal it entirely to help pay for the tax cuts, but that met with stiff resistance from lawmakers in high-tax states. Preserving the break -- albeit with a cap -- is likely to provide more help to higher income households in high-tax states.
Expands child tax credit: Creates temporary credit for non-child dependents: Lowers cap on mortgage interest deduction: Homeowners who already have a mortgage would be unaffected by the change.Free Tax Preparation Company Business Plan This aspect to the Company’s operations will ensure that the business receives smooth income throughout the business year.
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The Business Income & Receipts Tax (BIRT) is based on both gross receipts and net income.
Both parts must be ﬁled. This is a completely separate tax from the Net Profits Tax. Here's what Trump's tax plan means for people at every income level from $20, to $, a year. Find out everything you'll need to start your own tax business, including which of our online income tax courses will prepare you to run your business.
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