What the New Tax Bill Means for You

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CHICAGO (MarketWatch) — The new tax bill now on its way to President Obama for his signature will save every American from a number of tax hikes that would have begun Jan. 1 and will add more.

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The new tax bill keeps the extra standard deduction for those 65 and older, which is $1,250 for individuals, $1,550 for heads of households, and $2,500 for couples who are both age 65 or older. Also, the new plan keeps the popular medical expense deduction.

It's difficult to say how the recent tax overhaul will affect you because your ultimate tax bill depends on so many factors. This means the 2019.

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What the New Tax Law Means for Your 1040. The new law increases the child tax credit to $2,000 and allows it for higher earners because by. When you use or access the Site, we use cookies, device identifiers, and similar technologies. The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be.

What the New Tax Bill Means for You The enactment of the Tax Cuts and Jobs Act represents “the most sweeping overhaul of the U.S. tax code in more than 30 years.” 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.

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After months of internal debate among Republicans, the House Ways and Means Committee released the details of its plan to overhaul the U.S. tax code. Here is a look at all of the details.

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Such has been the case for a significant number of filers this year in particular, as changes to the tax code have resulted in higher bills for some workers. And while owing a bit of money isn’t.