Tax Reform Withholding Changes Take Effect

The Treasury Department’s new tax withholding tables, based upon the recently passed tax reform bill, went into effect for all employers on February 15, 2018. That means that about 90% of all employees will see a decrease in tax withholding from their paychecks, resulting in an increase in take-home pay.


The amount of the tax savings will of course vary from individual to individual, but as an example, a single taxpayer earning $50,000 a year will see his/her take-home pay go up by a little under $200 a month because of the lower withholding called for by the tax law changes.

Comments

Post a Comment

Popular posts from this blog

Texas Tax Amnesty Program

The Texas Tax Amnesty Program begins May 1, 2018, and runs through June 29, 2018.  This Program could apply to sales tax, franchise tax, or other taxes assessed by the Texas Comptroller.    It provides delinquent taxpayers with relief from penalties and interest on previously unreported taxes due for periods before January 1, 2018. The program gives taxpayers the opportunity to "wipe the slate clean" by filing past due reports, or amending reports that underreported taxes, without paying penalties and interest. Penalties and interest can be very substantial, so this is a program that should be given serious consideration by anyone who is eligible for it. The program does not apply to periods already under audit. If you believe that you may qualify for this valuable program, the Dove Law Firm can assist you through the amnesty process.
Read more

Tarrant County's Elder Financial Fraud Unit

Financial exploitation of the elderly is a serious problem, with one in twenty older adults victimized each year according to the Department of Justice.  In May of 2017, the Tarrant County Criminal District Attorney created a new special prosecution team -- the Elder Financial Fraud Unit -- to serve as a community resource addressing the special needs of elderly victims through a program of aggressive prosecution, education and deterrence. The unit consists of two experienced prosecutors, two investigators and one support staff member, all of whom are focused exclusively on financial crimes against the elderly. By the end of 2017, 79 cases were filed. The unit also partnered with Guardianship Services to create the the Financial Exploitation Prevention Center of Tarrant County, whose mission it is to connect Tarrant seniors with the vast network of resources available to them. If you, or anyone you know, has been a victim of elder financial fraud, there are resourc...
Read more

May is National Elder Law Month

In 1963, President John F. Kennedy first proclaimed May as the month to honor Americans who are 65 and older.  The National Academy of Elder Law Attorneys supports this proclamation, declaring May to be National Elder Law Month. Today, over 10,000 Americans turn 65 every day.  Older individuals often have unique and special needs that require legal attention.  Elder lawyers have the knowledge and expertise to deal with these important legal issues, and are dedicated to meeting the needs of our older citizens.  The list of issues in which elder lawyers can be of service is a long one.  It includes wills and estate planning, drafting financial and medical powers of attorney in the event of incapacity, Medicare and Medicaid planning, issues surrounding long-term care, guardianships and probate, and elder abuse and exploitation, just to name a few.  Whatever the issue, an elder law attorney can help deal with the challenging legal problems often...
Read more