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Donald Trump on tax reform

Donald Trump on tax reform

President Donald Trump promised to cut taxes across the board when he was campaigning, but he also said he’d be open to negotiation.

National Taxpayers Union senior fellow Mattie Duppler discusses how the House of Representatives voted to pass the Tax Reform 2.0 bill.
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U.S. Tax Reform—International Tax Provisions: Then and Now

U.S. Tax Reform—International Tax Provisions: Then and Now

KPMG LLP’s Manal Corwin narrates this video about how the international tax system in the United States has changed as a result of tax reform. Starting with what the system looked like before the recent changes, Corwin explains the new international tax rules and how they are layered on the existing rules—creating new complexity and the need to understand how the provisions interact.

Tax Info For 2019

#taxinfo #taxes #taxes2019
Tax Info For 2019
ALL of this information was taken straight from these pages and was not edited for content. This is real tax information for this coming year. And as such cannot be made personal.
I simply put them all together to form this report so all the information will be in one place. And some information was used to show a comparison from last year.

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts-next-year

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts

2018 Federal Tax Rates, Personal Exemptions, & Standard Deductions

https://www.efile.com/tax-credit/earned-income-credit/

https://smartasset.com/taxes/all-about-child-tax-credits

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Breaking down the tax reform package

The House of Representatives has passed a bill that seeks to lower income tax rates while imposing new duties on fuel and sugar-sweetened drinks, one of President Rodrigo Duterte’s priorirty measures.

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Key provisions of US tax reform for global companies in the USA

Learn more at PwC.com – https://pwc.to/2h0OzXH and – https://pwc.to/2pj0hjQ.

From the provisions around interest expense deduction limitations, excise tax, to controlled foreign corporation, Bernard Moens, PwC’s US Inbound International Tax Services Leader, discusses what the current US tax reform bill means for global companies doing business in the USA with Chris Kong, PwC’s US Inbound Tax Leader.
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To build a robust and productive conversation about tax, it can be helpful to start with some reflection on how taxes have come into our societies in the first place. Visit www.responsibletax.kpmg.com to join the tax conversation.
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How The New GOP Tax Bill Will Affect You

Let’s talk about how the new GOP tax bill will affect you.
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Tax Law changes for 2018 will discuss differences in the tax filing for 2018, filed in 2019, compared to the prior year tax filing for 2017 due in 2018.

For specific tax advice consult a tax professional.

There are many changes to the IRS tax code for 2018 in comparison to the prior year. We will look at an overview of the big IRS tax law changes as an introduction to the topic of taxation.
We will start with a discuss of why we should learn tax and how we can approach the learning of tax law to get the best results.
6:36 Changes to form 1040

We will then discus the changes to form 1040. The form 1040 will look much different in 2018 then 2017, Form 1040 being much shorter in 2018. Forms 1040EZ and 1040A have been eliminated. There are new supporting schedules to the form 1040 however.

10:09 Elimination of Personal & Tax Exemption

We will then discuss the elimination of the personal and dependent exemptions for 2018. Exemptions acted similar to deduction in 2017 and we got an exemption for ourselves, our spouse, and dependents. The elimination of exemptions in 2018 will simplify the tax code and may be offset by the increase in the standard deduction and other changes for many taxpayers.

12:36 Increase in Standard Deduction

There has been a substantial increase in the standard deduction in 2018 tax code as compared to the prior year. Because taxpayers must decide to either take itemize deduction or standard deduction, whichever is larger, the increase in the standard deduction will result in less people itemizing. The elimination of the standard deduction is an attempt to simplify the tax code and will have a positive impact to many lower to middle income people.

15:39 Decrease In Tax Brackets

Tax rates have basically decrease is the simple method of describing the changes to the tax tables. Because we have a progressive tax system our taxes are taxed at multiple rates. Many were hoping we would have less tax brackets to simplify the tax code. We still have a complex tax calculation but we did see a decrease in many rates and positive changes that would lower taxes to most any tax payer if the taxable income was the same. In other words there are two factors for tax liability calculation, taxable income and tax brackets. Given the same taxable income the tax brackets would be less in 2018 then in 2017.

18:34 Child Tax Credit Increase

Child tax credit has increase substantially. The increase in the child tax credit will partially compensate or offset the loss of the exemptions for many tax payers. The child tax credit is up to 2,000 for 2018, up from 1,000 in 2017 and much of it is refundable in the 2018 tax changes.

20:40 Limit on state & local tax deductions

State and local taxes have been capped at 10,000, a very controversial change. State and local taxes are itemized deduction on schedule A and include state income tax or sales tax and property tax. Itemized deduction have already been marginalized with the increase in the standard deduction. The state and local taxes are one of the big factors, along with mortgage interest, that push most people into a point of itemizing instead of taking the standard deduction. This change in the tax law could result in many less people itemizing and could increase taxes for sum, especially those in state that have a high cost of living.

24:58 20% Pass-Through Tax Deduction

The 20% pass-through tax deduction tax law change could have a huge impact on individuals that have small business. The law is complicated however, so may not contribute to the simplification of the law, but could help small business save on their tax bill. Business entity types this law covers includes sole proprietors who report on schedule C, LLCs, S corps, and partnerships.

27:30 New Tax Credit For Other Dependents

There is tax credit up to 500 for non qualifying child dependents. After losing the exemption this credit could help compensate or offset the loss, taxpayers still getting tax savings for supporting a dependent.

29:00 Limitation On Home Mortgage Interest Deduction

The tax law changes have limited the amount of home loan for which the related interest can be deducted to 750,000. Most taxpayers will not have a loan over 750,000 but this change may hurt those who live in high cost of living states. We also loss the ability to write off interest for loans where the the house is used a collateral but the money was not spent on the home.

32:36 Elimination of 2% Misc. Deduction & Casualty & Theft Losses

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