April 10, 2018 The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup using the Withholding Estimator on IRS.gov. Recent changes affecting withholding include: Reduced tax rates Elimination of personal exemptions Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents Changes to itemized deductions See Steps to Take Now to Get a Jump on Next Year’s Taxes for more information.
