Tax day is right around the corner! Some of you have probably already recieved your returns, but for those who will be hustling this weekend to file, here's an update.
The Tax Cuts and Jobs Act has been implemented this year, meaning it will help lighten the financial burden off of many American's shoulders. This act has increased take home pay, however, the old tax rules still apply for this year. This is the first tax change since the 1980's!
Well...you're probably wondering, what does this mean?
The lower tax rates and new deductions will not apply for the 2017 tax return, but will be included in next year's (2018) return.
According to the Tax Foundation, a single person making $50,000 a year will save over $1,000 on income taxes. A family of three making $85,000 will save around $2,300.
To find out more about how this new tax reform will impact you, visit the official IRS site here .