November 22, 2020

Hr Block Tax Calculator 2022

Hr Block Tax Calculator 2022 so the tax reform that was you know that's in effect now was the biggest change of the tax code in the last 30 years and it.

Impacts every single tax filer first and foremost there was a change to the brackets and a lowering of the rates in general across the board so everybody is getting slightly lower, rates now there's a few other things there was the elimination of the personal exemptions that, you'd be able to claim for yourself and your kids and, then that was offset by an increase in the standard deduction so those are some of the really. Big moving parts and pieces then there was this major expansion of the child tax credit so up to, $2,000 per child with all of that what we're seeing is that more people will be able to just claim the standard deduction and people with kids are now finding that their children are, worth more on their taxes from, my perspective it's always worth it to be somebody taxes but that said whenever you're going through a significant life change that's the time when you want to consider getting help with your, taxes so if it's the first time you're filing maybe your, parents have always filed their taxes before well you want to work with a professional and get that objective advice and get educated, on what are the things that you need to know then whenever you have a big change like buying a house getting married having a baby. Those kinds of things really have a lot of tax implications and you don't want to miss out so that's a great time. To get help for lowering your taxable income you still have one more thing that you can do before. April 15th and that's contribute to. An IRA and that's a really cool thing because up to 5500 if you're under 50 up to 6500 over 50 and that's taking.

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