I'm an Accountant: 6 ‘Big Beautiful Bill' Tax Changes That Will Benefit the Middle Class [Yahoo! Finance]
WOLTERS KLUWER S/ADR (WTKWY)
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Source: Yahoo! Finance
The tax package introduces fresh deductions and credits designed to help working households, families and small-business owners keep more of their incomes. According to Mark Luscombe, JD, CPA and principal analyst at Wolters Kluwer in the division of tax and accounting, here's what middle-class taxpayers need to know The OBBBA includes several provisions aimed at helping middle-income households retain more of what they earn . From an expanded child tax credit to new deductions for overtime, tips and seniors, the biggest winners are taxpayers earning under roughly $400,000. Luscombe noted that “preserving and slightly increasing the standard deduction will benefit any middle-class taxpayers who do not itemize their deductions.” The expanded child tax credit — now $2,200 — will help taxpayers with modified adjusted gross income (MAGI) of $200,000 or less ($400,000 for joint filers). Reduced benefits will phase out at $243,001 ($443,001 for joint returns), already effective this
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