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Nampa Idaho 2024 IRS 1040: What You Should Know

January 2023. The Tax Relief Act (Act), and the Tax Cuts and Jobs Act of 2017, will make changes to the personal exemption, the Child Tax Credit, and the earned income tax credit. Taxpayer responsibilities for filing a federal tax return, including the estimated tax, may change beginning in 2019. The 2017-18 Federal tax year began on April 17, 2017. The Income Tax and Fiscal Responsibility Act (Act), signed into law by President DonaldĀ Trump on April 26, 2017, is generally expected to increase revenues from personal and corporate taxes. The Act reduced tax rates, expanded the tax base, reduced some reporting requirements, and reduced exemptions. It also extended several expiring provisions, and the Act created the Earned Income Tax Credit (ETC). The Act also changes the way inflation-indexed income is calculated for tax purposes. It will also allow for lower tax rates on dividends, interest, and capital gains. The Act will also increase the standard deduction, decrease the individual income tax exemption, and repeal many of the alternative minimum tax and estate tax provisions, among other items. The Act is not yet scheduled to take effect on January 1. The Tax Cuts and Jobs Act (CJA) signed into law by President DonaldĀ Trump on December 20, 2017, is generally expected to increase revenues from personal and corporate taxes. The Act would cut the corporate tax rate, reduce the number of tax brackets, reduce tax rates on most individual income, and repeal major individual income tax break provisions. In addition, under this law, personal income taxes would be temporarily repealed and replaced by a single deduction. Also, the act would reduce, but replace, the Alternative Minimum Tax, provide a full exemption for the first 12,000 of taxable income, establish a new 25% tax bracket for estates above the current threshold, and repeal most of the estate tax as well. The Act would increase the standard deduction, while maintaining deductions for state and local taxes, health insurance, and student loan interest. The act would maintain the child tax credit but add a new 4,000 annual child tax credit for dependents, and increase the value of the earned income tax credit for children up to 1,800. The Individual Mandate, which requires people to carry health insurance or face a penalty, was repealed by the ACA (Obamacare) legislation signed into law by President BarackĀ Obama in late 2010.

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