The IRS is offering a new publication to help taxpayers better understand tax reform. Called Tax Reform Basics for Individuals and Families, Publication 5307 explains the Tax Cuts and Jobs Act, enacted late last year for 2018, and how it will affect tax filings. The publication targets individual taxpayers and families and what they can expect on their 2018 federal tax returns.
Publication 5307 provides information on:
- Increasing the standard deduction
- Suspending personal exemptions
- Increasing the child tax credit
- Adding a new credit for other dependents
- Limiting or discontinuing certain deductions
To download or read the publication, go to https://www.irs.gov/pub/irs-pdf/p5307.pdf.
For more information about preparing for tax filing, go to https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Tip adapted from the IRS.gov