Tax Changes with the New Tax Reform

Tax Changes with the New Tax Reform

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Tax Changes with the New Tax Reform

On December 19th, the tax reform bill was passed known as the Tax Cuts and Jobs Act. This tax reform is the most significant change to taxes in decades and was designed to help lower tax rates for individuals as well as businesses. And with it comes new changes such as the tax brackets and tax rates, a new standardized deductible, and an increase in the child tax credit, just to name a few for individuals. For small businesses, some changes include immediate write off of the full cost of new equipment, the ability to write off loans, and more.

To learn in detail the changes and what might affect you, check out this PDF provided by the National Association of Tax Professionals.

Chances are, you are curious about what type of changes you will see in your taxes with everything new in place. To find out, check out this calculator. Once you plugged in the numbers be sure to also run your numbers in the current tax calculator so you can see the difference side by side.

If you have any questions on the changes and how it could affect how you file, don’t hesitate to give us a call.