2021 form 1040 d raft
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2021 form 1040 draft

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Hi welcome to the Latino tax Pro tax cuts and Jobs Act as well as the 2021 draft 1040 I'm Carlos Lopez I'm the executive director of Latino tax pro and my colleague Nick Young enrolled agent we'll take on the second half of the 2021 draft 1040 let's get started so we're going to give you a summary overview this isn't detailed it's a one-hour presentation we're gonna let you know what is changing what is not changing how is 2021 affected we're gonna let you know that this bill did pass on December 20th 2021 and the president enacted it signed it into law on December 22nd 2021 an important part of this is the changes begin in tax year 2021 so what is changing well most Americans will pay less tax until 2021 that's when all these changes come to an end the seventh tax rates we currently have will be lowered the standard deduction is nearly doubled there are no more personal exemptions however you still need to input your exemptions your dependents because some states are not conforming and there may be some exemptions that you could be missing out on as well as the child tax credit and some other credits most tax bills will drop but it depends on your family size and what state you're in and of course it depends on the circumstances of each family so what else is changing the alimony deduction for 2021 has been eliminated unless you have entered into a prior agreement in a prior year 2021 where you've already been paying alimony and you need to make sure you have all that paperwork to substantiate your deduction it'll exclude the income to the recipient and it is not a deduction to the person paying and as I said a minute ago it's only applicable to agreements executors or modified after December 31st 2021 casualty losses can only be deducted from a disaster declared by the president the new Act also expands the use of the 529 accounts you can use up to ten thousand dollars in tuition per student you can use the 529 account for public private religious elementary or secondary schools this is new very powerful this is per student only not per account here are some tax decreases we're going to talk about it increases those who owe no taxes from forty four percent of the population to forty seven and a half percent of the population of course as I said earlier all these individual tax cuts go away after 2021 unless Congress does something so these tax cuts for families are temporary however the reductions for businesses is permanent and the theory behind that is businesses need permanent tax cuts to stay or they may move the corporate tax rate falls from 35 percent to 21 percent and this is about a trillion dollar tax cut over ten years the economists aren't sure if this will change the economy.

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