The IRS has released the W-4 form for 2019
Due to the Tax Cuts and Jobs Act, the IRS has updated the W-4 to reflect the many tax changes. You may be wondering if there will be major differences.
Here’s the breakdown
Right off the bat, when comparing the 2018 W-4 and 2019 W-4, it looks similar. However, there are changes in income thresholds along with calculations. This also applies to changes from tax credits to allowance tables for two-earners/multiple job holders.
Personal Allowances Worksheet
To calculate your allowances, the first sheet you see is the Personal Allowances Worksheet. Typically, taxpayers with a simple tax situation who do not need to itemize, have no dependents and only work only one job just fill in this first sheet and leave everything else blank. Continue reading “Here’s the New 2019 W-4 Form!”
Children are expensive, but luckily they can give you a break — a tax break of course.
With all of the changes that the 2018 tax year brings us, the Child Tax Credit (CTC) is one of them. Whether you’re a parent, grandparent, or guardian, when tax time comes around you can claim your dependents to your advantage.
Here’s what you need to know for this tax season.
Who qualifies for the CTC?
Unfortunately, you can’t just receive the CTC for just having a dependent. You have to meet certain requirements for your dependent to be a “qualifying child.” These are the following conditions they will need to meet: Continue reading “The Child Tax Credit Changes for Your 2018 Taxes!”
After each tax season ends, another creeps up on you.
You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you this year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.
No more personal and dependent exemptions.
The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year. Click here to deduct your personal exemptions now.
The Standard Deduction doubles.
Continue reading “10 Tax Changes for 2019!”