Tax Tip: Individual Tax Rates, Deductions and Exemptions
The Tax Cuts and Jobs Act of 2017 lowered the tax rates for all individual taxpayers and widened the tax brackets so that more income is taxed at lower rates. The Act also increased the standard deductions but eliminated the personal exemptions. The IRS has issued new withholding tables related to these changes and your employers should start using those in February. This means you should see an increase in your take home pay.
As always, check with the tax professionals at Ketel Thorstenson CPAs for these and other tax matters because each situation is different. Don’t navigate the difficult and ever changing tax codes and legislation on your own. KTLLP CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry.