Every year, towards the end of January, most Americans gradually start to get involved in their annual rite of Spring — beginning to prepare their IRS income tax returns. For some it’s relatively easy. For others, it’s a laborious process that can often require filing a 15 April tax extension while all the needed documentation and compilations arecollected.
Personally I haven’t filed my 1040 income tax package “on time” in over 20 years. Normally I file in July or August.
I have a suggestion for you this year: Once you have a fair idea of approximately what your tax and deduction numbers are, take your estimated figures and plug them into theTax Foundation tax calculator. Unlike most such guesstimating calculators, this one takes your figures and calculates your taxestwoways:2017 IRS rules 2018 IRS rules — the new rules after the GOP’s tax reform passed
It shows you how much more or less you’ll be paying under the new tax law. Try some “what if” scenarios to see… Read More