With the recent passing of the tax reform bill, called the Tax Cuts and Jobs Act, you’re probably wondering how your taxes will be affected.
Most changes take effect on January 1, 2018. Tax returns filed during the spring of 2018 (for the 2017 tax year) are generally not affected. But knowing about these changes now will help taxpayers plan and understand how the TCJA could impact their take-home pay and their 2018 tax refund.
Kathy Pickering, Executive Director, The Tax Institute shares some early analysis on the changes to the tax code that could impact you. In the weeks to come, we’ll dive into each of these sections and help you identify how you will be impacted on your 2018 return.