Top 5 Things You Need To Know About The New Tax Cuts

  1. Standardized Deduction

Most citizens in the United States fell under the standardized deduction when doing taxes, and still will.

With the deduction being raised to $12,000 for single filers, and $24,000 for married couples, itemizing on your yearly report will be nearly extinct.

This simplifies the filing process, but is also more beneficial for middle class Americans. The Joint Committee on Taxation estimates that a whopping 94% of joint filers will soon utilize the standard deduction, according to Yahoo Finance.

This list, by far, is not all-inclusive in your yearly benefits, but it does highlight the most applicable tax reforms.

The Trump administration has arguably made the biggest tax cut the United States has seen in 30 years.

The new year has barely begun, and already 2018 has exponential potential. With the economy beginning to get back on track, and a President finally putting hard working families first, who knows the heights we will be at the end of, God willing, another successful year.

Please leave a comment below telling us how you feel about the new tax bill, and how you think it will affect the economy in the coming years.