Fill Form 8815 Reform 2024-2025

Baby, it's just two minutes. You German attack step on starts now. What's up YouTube? Hey, guess what? You're going to pay less taxes this year as an employee of a W-2 job. Congratulations! That's right, if you have a paycheck in 2018 going all the way to 2027, Trump's new tax reform is going to cause big savings in taxes when it comes to being an employee of a normal job. Which means, at the end of the day, this is great news for you. So, if you want to know what in Trump's tax reform affected your paycheck, hang on. We only have two minutes, so let's dive right in. Okay, so here are the basics. The Tax Cuts and Jobs Act, i.e. Trump's new tax reform, changed the tax bracket rates and the thresholds by bracket. So, while Trump campaigned saying he wanted to get the seven brackets down to four, he wasn't able to accomplish that. We still have seven brackets federally, but he was able to change the rates by bracket and change the thresholds or the ranges of dollars by the bracket, which basically means that noticeable changes will be very apparent in 2018 going forward because the income limits for all the tax brackets and all tax filers have been adjusted for inflation. Okay, so what changed inside Trump's new tax reform when it comes to the federal tax brackets and the federal tax rates? Number one, five of the seven tax rates have decreased. So, while the first bracket and the sixth bracket have remained the same, the other five brackets have gone down, which basically means as an employee, you can expect to pay less taxes within those brackets that have decreased. Number two, the range of dollars within the tax brackets have...