IRS in their latest issue (Issue Number: Tax Reform Tax Tip 2019-23) has alerted the business taxpayers to double check the estimated tax payments, and here it from the alert…
Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:
- Revised tax rates and brackets
- New and revised business deductions
- Limiting or discontinuing deductions
- Increasing the standard deduction
- Removing personal exemptions
- Increasing the child tax credit