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January 3, 2018 1:03 am
Congress Passes and President Signs Into Law the Tax Cuts and Jobs Act of 2017
Many, but not all, individuals will see their tax bills decline starting in 2018. Tax rates are reduced and the standard deduction is nearly doubled. It is expected that taxpayers will begin to see the benefit in their paychecks starting in February 2018 (employees likely will be required to complete a revised Form W-4 that is not yet available). An explanation of various provisions will be provided in upcoming posts.
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Tax Glossary
Carryback
A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.
