2018 was the first year that most of the changes from the Tax Cuts and Jobs Act took effect. For the first time, we’re seeing the results on tax returns. Here’s a snapshot of the major changes that happened in 2019.
Tax Brackets
One of the biggest changes in 2018 concerned tax brackets. There are still seven brackets, but in general the tax rates are now lower with higher income thresholds. These tax brackets remain in effect through 2025.
Universal 1040
The new 1040 is shorter and simpler. It is 23 lines, compared to 79 lines on the old 1040, and it replaces the three previous versions.
There are also three popular tax laws that doubled, several common deductions that were eliminated, and some modified tax rules. These changes will affect almost all Americans to some degree.
Download our guide to these changes here, Important Tax Changes for 2019, or by clicking on the image below.
Stay tuned for our related infographic, Important Tax Changes for Businesses.
Please contact Naden/Lean with any questions about your specific tax situation. Our team is standing by and ready to help.