13
March
The tax legislation passed by Congress late last year (nicknamed the “Tax Cuts and Jobs Act”) represents significant changes to the tax code and will affect most Americans in some way. Not only were income tax brackets adjusted, but the tax rates in those brackets were reduced. The amount that you can pass down to your beneficiaries without paying estate or gift taxes rose substantially. Also business tax breaks were instituted. But there is a catch… this legislation has an expiration date. Widening Tax Brackets and Lowering Rates As you can see, many of the tax brackets for married (and.
