What Form 8655 Withholding 2024

How's it going everybody? This is Beat the Bush. Today, I'm gonna talk about the 2018 tax reform. Now, a lot of things are gonna change, but I really just want to concentrate on the topics that are most important - the things that will affect your tax bill the most. First of all, in order to understand all of this, you have to realize that there's a thing called taxable income versus your income. When you make a certain amount of money, you're able to do a certain thing called a standard deduction or itemized deduction, which means that you can lower your tax bill by effectively lowering that amount of income. Let's say you make $50,000 a year and then there's a deduction of $10,000. This means that $50,000 minus $10,000, you only need to pay taxes on that $40,000. Now, whatever remains is your taxable income, and this taxable income gets applied to your tax bracket. So, whatever gross amount you earn, you don't take that directly and apply the tax bracket. You have to remove the deductions, remove your itemized deductions if you're itemizing, and then what remains is what is taxed. What you want is to maximize your deduction via a standard deduction or itemized deduction, whichever gets you more deductions, you'll pick that one. And of course, relating to the tax bracket, you want a lower tax bracket. Of course, you can't choose which tax bracket you're in, but whenever they go through the tax bills and stuff, you kind of want to root for the things that give you the least tax. Now, I think the most important thing that will apply to most taxpayers in this reform is the $10,000 limit in state and property taxes combined. This is gonna affect a...