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Filing Your Taxes Under the TCJA

While the April 15, 2019, tax filing deadline has passed, many taxpayers requested an extension due to this season's added complexities brought on by the Tax Cuts and Jobs Act (TCJA) of 2017. If you filed for an extension, be sure you now meet the Oct. 15, 2019, tax deadline. There are plenty of questions about what the TCJA means for filing 2018 tax returns, and the PICPA has answers below.

How Much Tax Will You Pay for 2018?

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1040 Tax Calculator (Tax Year 2018)

Enter your filing status, income, deductions, and credits and get an estimate for your total taxes.

Based on your projected tax withholding for the year, also estimate your tax refund or amount you may owe the IRS in April.

Use the 1040 Tax Calculator

 


How Much Tax Will I Owe for 2018? CPAs Run the Numbers

When the Tax Cuts and Jobs Act was passed in 2017, many clients asked their CPAs, "How much in taxes will I owe?" As is the case with most personal tax issues, it depends on several factors.

Read this analysis of a median household income of $56,000 >

TaxBracket


Latest Blogs on Taxes 

Still Haven't Done Your Taxes? Here's What You Need to Know

Whether you are filing as an individual or as a business, you likely will see a few changes this year when you file your 2018 federal income tax return. If you are one of the many U.S. taxpayers who wait until the last minute to file your taxes, make sure you are aware of these items that are new for 2018. 

Section 199A Deduction for Small Business

For those who own a small business, Section 199A of the tax law that passed in December 2017 includes a provision for a personal income tax deduction equal to 20 percent of the small business’s income. This section was further defined by an IRS regulation in August 2018: it reinforced the basic simplicity of the deduction, but it also left open a great many questions about the finer details. 

Reporting Real Estate Rentals Under Tax Reform

While owning rental real estate can help diversify a portfolio and provide additional cash flow, there are numerous considerations for how the activity is reported and how it interacts with other items on a tax return. With the Tax Cuts and Jobs Act (TCJA) that went into effect for the 2018 tax year, there are even more factors to consider when preparing a personal income tax return.


Additional Tax Resources

Guide to Interstate Taxes
Interstate Tax Guide
Tax Reform for Individuals
What You Need to Know about Tax Reform and Your 2018 Taxes
Tax Reform for Businesses
What Business Owners Need to Know about Tax Reform
Guide to Pa. State Taxes
Pennsylvania State Taxs - Tips for Filing 2018 Income Tax Returns

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Top 10 Reasons to Hire a CPA

You could miss tax-saving opportunities and smart planning options if you don't hire an expert.

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