What the New Tax Bill Means for You

The Carbon Tax Act and the Customs and Excise Amendment Act were both officially gazetted on Thursday (23 May) and will come into effect from 1 June 2019. The two acts work in conjunction with each.

This piece has been updated to reflect the final version of the tax bill. president trump signed a long-awaited tax bill into law on December 22nd, a few days after it passed the Senate 51-48.

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.

Under the current tax plan, you can take deductions for the taxes you pay in state and local income taxes, real estate taxes, and personal property taxes. That means less of your income will be taxed by the federal government depending on how much you pay in taxes to state and local governments.

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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.

You can no longer deduct moving expenses under the new tax bill, unless you are a military service member moving to a new base. Sadly, this is probably the biggest bummer in the new law for those who are contemplating a move for work.

The Moreno Valley City Council wants to increase our sales tax to pay the warehouse developers’ bills – again. We could.

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Much of the news surrounding Congress’ new tax bill has focused on politics – but what does it mean for you as an Illinois taxpayer? In condensed form, here are some of the changes and how.

Tax season. This means taking the time weeks to months ahead of time to map out: All of your income sources and placing.