The legislation popularly known as the Tax Cuts & Jobs Act did not exactly “rewrite the book” of federal tax laws, but it almost seems that way. On January 1, a host of important, new tax provisions entered the Internal Revenue Code, and others were suddenly repealed.
Due to these reforms, federal tax law has changed to a degree unseen since the 1980s. Here is a link to a guide that reviews the major adjustments to the Internal Revenue Code and more:
- Key tax changes for households
- Key tax changes for businesses
- Tax breaks gone in 2018
- Social Security & Medicare changes
- COLAs & Phase-Out Range Adjustments
- Last, but not least, some other, interesting developments
Just a reminder as you read this guide: you should consult with a qualified tax or financial professional before making short-term or long-term changes to your tax or financial strategy.