2018 TAX CUTS & JOBS ACT
President Trump has signed the Tax Cuts & Jobs Act and it’s no longer just a bill, it’s the law. It features reduced tax rates, an increase in the child tax credit and even higher standard deductions. Plus, personal tax brackets and rates are improved.
But, we have to pay for these tax breaks somehow. In order to do this, Congress took away many deductions that millions of taxpayers had used every year to reduce their tax bills. The following provides an overview of the key changes of the 2018 Tax Cuts & Jobs Act that are going away that will affect most individual taxpayers in some form or fashion.