January 3, 2019

A review of significant TCJA provisions impacting individual taxpayers

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income taxes. However, it is a great time to start preparing for filing your 2018 return because the TCJA which was signed into law at the end of 2017, likely will have a major impact on your 2018 taxes.  For example, the TCJA  generally reduces tax rates and it nearly doubles the standard deduction and expands the child tax credit. On the other hand, it also reduces or eliminates many tax breaks. Contact us to review the changes that might affect you.