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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.
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
