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 what exactly the changes are 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.
If you have any questions on the changes and how it could affect how you file, don’t hesitate to give us a call or reach out through the contact page.