(FOX 9) - For the first time every American in the country will finally feel the impacts of the federal tax overhaul passed by Congress in December 2017. But, as we wait for our W-2’s, the government shutdown is complicating things even further as IRS employees are out of work.
FOX 9’s Leah Beno sat down with Financial Advisor Tony Rush of FFP Wealth Management to help clear up some things.
Assuming things get back on track soon, there are big changes ahead that everyone is going to feel.
While there are still seven tax brackets, the rates have decreased overall.
New standard deductions:
Individuals: $6,350 (2017) up to $12,000 (2018)
Heads of households: $9,350 (2017) up to $18,000 (2018)
Married couples: $12, 270 (2017) now $24,000 (2018)
Additionally, families with dependents over 17 years old may qualify for a new family tax credit or $500 per dependent.