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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.
Ask JK
Advanced- Is income averaging still available?
- Where do I report income from my corporation on Form 1040?
- I live in a senior retirement community and have to pay community development district (CDD) fees and homeowners association (HOA) fees. Are they tax deductible?
- I sold some municipal bonds at a loss. Can I deduct the loss?
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
