IRS Tax Reform Tax Tip 2018-171: New IRS publication helps taxpayers Get Ready for tax reform

 

IRS Tax Tips November 5, 2018

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Issue Number:  Tax Tip 2018-171   New IRS publication helps taxpayers Get Ready for tax reform The IRS issued a new publication to help taxpayers learn about tax reform and how it affects their taxes. Taxpayers can access Publication 5307, Tax Reform Basics for Individuals and Families, on IRS.gov/getready. While last year's Tax Cuts and Jobs Act includes tax changes for both individuals and businesses, this publication is specifically geared to individual taxpayers. It breaks down the law in easy-to-understand language. The publication highlights the changes that taxpayers will see on their 2018 federal tax returns they file in 2019. This new publication provides important information about: Increasing the standard deduction Suspending personal exemptions Increasing the child tax credit Adding a new credit for other dependents Limiting or discontinuing certain deductions Taxpayers can also go to IRS.gov/getready to find other information about tax reform. This includes the steps taxpayers can take now to help make filing their taxes smoother next year. Following these steps will also help taxpayers avoid surprises when they file their returns. Share this tip on social media -- #IRSTaxTip: New IRS publication helps taxpayers Get Ready for tax reform. https://go.usa.gov/xPyS8 Back to Top                     Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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