Biden’s tax plan will affect wealthier Americans, corporations, and everyday individual taxpayers. He also plans on making significant tax revisions on Trump’s previous tax plan which took place in 2017.
Skip the tax jargon by taking a look at this quick breakdown.
Here are the major findings in Biden’s tax plan.
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One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well.
Here are some examples.
Getting married is a big step in everyone’s lives. Along with getting married, you now are able to file jointly which should lower your tax rate. For the 2018 tax year, your standard deduction is now $24,000. With that in mind, don’t forget to update your allowances (Form W-4) at your job. (more…)
Despite the dysfunction and last minute deals surrounding the fiscal cliff, Congress actually came up with a pretty good solution, at least for the Estate Tax, in the American Taxpayer Relief Act passed in the early hours of 2013.
The federal estate tax exemption is set at $5,340,000 per person in 2014. Any amount given by an individual before and/or upon their death over this amount will incur federal gift or estate taxes.
A 40% tax rate then kicks in for the remainder of your estate above the threshold. (more…)
