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It’s January and that means time to start thinking about those 2018 taxes! At this point, tax documents have probably started showing up in your mailbox. While it may seem like there is plenty of time, the sooner and more organized you can make your documents, the smoother the process will be.
Officials announced yesterday that the Trump administration has directed the Internal Revenue Service to issue tax refunds despite the ongoing government shutdown. Treasury Secretary Steven Mnunchin said that the administration will call back a significant number of I.R.S. employees from furlough to issue refunds, though they will not be paid until the shutdown ends. According to official statements, the I.R.S. plans to open the tax filing season on time and are anticipating that they will be able to answer 60 to 70 percent of phone calls seeking tax assistance.
The Tax Cuts and Job Act (The TCJA) has brought about many changes for both individual and business taxes. While some revisions and additional legislation may be on the way, below are five changes that may affect your business taxable income for 2018:
The Tax Cuts and Job Act (The TCJA) has brought about many changes for both individual and business taxes. While some revisions and additional legislation may be on the way, below are five changes that may affect your individual income tax liability in 2018: