5 Things That Happen When Trump’s Tax Law Takes Effect

Estimated taxes

If you are a business owner, self-employed or an independent contractor, this should get your interest. Every worker in this category usually make estimated tax payments on a quarterly basis; therefore, the first payment for the first quarter of 2018 will be made in April.

Well, the new code implies calculating the estimated payments differently, especially when it comes to small business owners. These people will deal with a new 20% deduction for income from pass-through businesses – the latter being taxed through the individual code.

We know it sounds complicated and so do the experts. Tax Institute executive director Kathy Pickering declared that “there will be time between now and then for the IRS to provide some guidance on these things.”