REMINDER: The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, your clients should do a paycheck checkup using the Withholding Calculator.
Recent changes affecting withholding include:
- Reduced tax rates
- Elimination of personal exemptions
- Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly
- Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents
- Changes to itemized deductions
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