Ryan VaughnCOO of Incite Tax & Accounting. Ask me anything about your taxes.

Tax Reform - Why you're paying less taxes

26 Sept 2018 · 1 min

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This content was created by Ryan Vaughn. This content was uploaded by Ryan Vaughn. This is a YouTube video titled "Tax Reform - Why you're paying less taxes" (uploaded 2018-09-26) featuring Lynn from Insight Tax delivering a short informational presentation about individual tax changes. Lynn explains three main points: individual tax rates (tax brackets) were reduced by 2%, the standard deduction doubled (now $24,000 for married filing jointly and $12,000 for single), and personal exemptions were eliminated (previously $4,050 per child — the speaker notes he is a father of 10). The clip is an explanatory tax-reform overview aimed at taxpayers.

Chapters

Hey guys, Lynn here from Insight Tax. I'm excited to be with you today to talk about individual tax changes that are going to affect you. I want to talk about 3 things today, and the first one is individual tax rates. Really, that just means your tax brackets, and the IRS has reduced those by 2%, which means you're going to be paying less in taxes overall. So that's a really positive thing. The second one is standard deductions. They doubled, so that's a great thing as well. So if you're married, you get to subtract $24,000 from your income. If you're single, you get to subtract $12,000 from your income. So those are 2 really positive— 2 good positive changes. And then the last one is personal exemptions. You used to be able to take $4,050 for each child that you had. As a father of 10 kids, I loved this deduction. But that one's gone away, so no more deductions for those of us with big families. Hope this has helped you. If you have any other questions, reach out to us. Thank you.