What the New Tax Bill Means for You

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 · Under the new bill, taxpayers can claim a $2,000 credit for each qualifying child under the age of 17. The tax credit applies to single filers and married couples, and is fully refundable up to.

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What this means for you: While every little bit helps, these tax breaks are minimal and only impact a select few. High earners with large amounts of student loan debt often phase-out of the $2,500.

Congress passed the Tax Cuts and Jobs Act in December of 2017 which is aimed at cutting taxes for corporations and all Americans. While the bulk of the legislation went into effect January 2018, most taxpayers will not see much of a difference in their taxes until 2019, when they file their 2018 taxes.

 · That said, many folks are wondering what’s in the bill and how it might affect them. Here’s a recap of some of the major tax provisions in the new tax bill and how they may impact you. Lower Tax Rates and Changed Income Ranges. The bill retains the seven tax brackets found in current law, but lowers a number of the tax rates.

The new deduction of $750,000 is a combined limit. This means interest payments on up to $750,000 of new acquisition debt are deductible and is applicable to a principal dwelling and one other residence such as a vacation or second home. Interest deductions on rental properties remain

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Tax. (In New York, for instance, state bills aimed at New York City are typically described as those affecting “a city with a population of one million or more,” as New York is the only such city.

It’s Official: What the New Tax Bill Means for You. Ultimately, how the bill shakes out for each individual or family depends on income and wealth level, family size, what state you live in and whether you own a home, among other factors. Tim Steffen, director of advanced planning at Baird Private Wealth Management,

The U.S. Treasury reported that the bill would bring in $1.8 trillion in new revenue. It projected economic growth of 2.9% a year on average.. 2018, Trump proposed a new 10% tax cut focused on the middle class. But. What Does It Mean for You Personally?