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Publication 5330 the new tax cut law will impact your 2022-2024 tax return Form: What You Should Know

The income method of accounting is now used.

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Instructions and Help about Publication 5330 the new tax cut law will impact your 2022-2024 tax return

A Tax Cuts and Jobs Act, as amended, was passed by Congress last year. They enacted the biggest tax overhaul in a generation by making modest tax cuts for the middle class and slashing corporate tax rates. President Trump stated that the overhaul would bring significant economic benefits to the country. Now that Americans are filing their tax returns for the first time under the new law, how will they actually see the changes? Here's what it means for your personal finances in four minutes or less: Under the new law, 80% of Americans are expected to pay fewer taxes in 2018, according to the Tax Policy Center. This means many Americans will have more money in their paychecks. However, many filers will see smaller refunds compared to the previous year. In fact, IRS data shows that total tax amounts refunded are down from tax year 2017. Personal finance expert Lynette Calif Ani Cox explains why this is the case in 2018. The big change that occurred is that the withholding tables changed, resulting in less taxes being taken out of most people's paychecks. This means they had bigger paychecks, but the difference was relatively small, for example, around $20 or $50 per pay period. As a result, it wasn't particularly noticeable. When people heard about getting a tax break, they thought their tax refund checks would increase. However, this is not how it works. The reality is that fewer taxes were taken out of their paycheck throughout the year, effectively reducing the refund they receive. Getting less of a refund is actually a good thing. If you receive a refund, it means you paid too much in taxes over the course of the year, providing the government with a zero interest loan. This is not a wise financial move. It is much...