With the President signing the Tax Cuts and Jobs Act late last year, you may be wondering what immediate effects this law will have on you. Although some of the details of the law are still being worked out, there are a number of ways this historic piece of legislation could impact you in the near term.
For Individual Filers
The IRS has now released its withholding tables, so that businesses can properly compute the federal taxes they should be taking out of your paycheck. As of February 15, about 90% of earners should already be seeing an increase in their paychecks. Your particular increase will depend on which of the seven tax brackets you now fall into.