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Form 1041 (Schedule I) for Tacoma Washington: What You Should Know

Apr 17, 2024 — IRS Release on U.S. Tax Reforms and Tax Expenditures for the Coming Fiscal Year. US Tax Reform Act of 2024 & Tax Expenditures for the Coming Fiscal Year The Tax Cuts and Jobs Act and Tax Extenders Program are the new major budget and tax legislation that will go into effect January 1, 2019. Under the legislation, the individual income tax is changed in a number of ways to simplify and simplify tax processing. As proposed in the legislation, the personal credit is increased to 25,000, the child credit is increased to 1,000, the earned income tax credit is created and the education tax credit is created for students and other dependent students and parents. The bill also creates a new 11% alternative minimum tax that includes both the alternative minimum tax and the “deferral” under the existing 10% alternative minimum tax. Also included is a deduction for medical expenses, an increase in the standard deduction, the repeal of personal expensing and lower top rate brackets. The legislation includes provisions to exempt certain types of items from taxation, including health insurance. The legislation eliminates the estate tax, which affects only households at the top of the income scale. The legislation repeals many tax breaks for individuals and families, including the adoption tax credit, deduction for local property taxes, deduction for state and local sales taxes and elimination of the business tax deduction. The legislation also increases the corporate tax rate from 35% to 39.6%. Taxpayers are allowed to claim most itemized deductions—and their itemized deduction amounts are not increased. The bill also creates a 2% surtax on net investment income up to 10,000. Many provisions are available only for individuals and families. For more information, see Tax Cuts and Jobs Act. Mar 20, 2024 — Instructions, Guide to Publication 17, IRS Instructions for Estates and Trusts. Tax Forms and Publications ‬– The IRS has released Form 843, which is the standard filing requirement form for estates and trusts. The form allows a number of options for filing to reduce the overall tax burden. The most expensive option is for taxpayers that wish to include all dependent children on an estate or trust. Other options are for taxpayers who wish to exclude only one or two dependent children, and for taxpayers who wish to exclude all dependents.

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