It is crucial for business owners and individuals alike to be aware of changes that impact the tax code. A recent U.S. law, known as the Tax Cuts and Jobs Act, resulted in some major changes that went into effect January 1st, 2018. Some of the changes this law covers include:
• Revised employee tax brackets
• Additional supplemental withholding rates
• Limitations and changes to local and state-wide tax deductions
• Removal of Moving Expense Deduction on a federal and state level
Fortunately, we at NC Moving and Storage would like to share with you this helpful tax guide from northAmerican Tax Guide 2018 to assist our customers in understanding some of the changes that have taken place. This guide is of particular interest to Senior Executives and HR Professionals. These changes will be reported on tax returns that are filed in 2019. It is important to remember that this is a general guide for purely information purposes. Please consult your personal or corporate tax professional for further details.