Tax Cuts and Jobs Act – How Does It Impact You?

tax cuts

What can you expect in 2018 as a result of the Tax Cuts and Jobs Act? For starters, you may see a change in your paycheck as early as February since the IRS just released the revised 2018 federal tax withholding tables. Most of the other changes will appear when you file your 2018 income tax return in 2019. For example, you may no longer be able to itemize since the standard deduction nearly doubled to $24,000 for married filing joint and $12,000 for single filers.

The increase in the standard deduction along with lower tax rates and expanded child care tax credit should help offset the loss of the personal exemption deduction and some popular itemized deductions for middle-class families. Schedule an appointment with us to review your personal tax position for 2018 and determine if there are any strategic moves you can make this year to reap the benefits of the new tax law.

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