Question

250 Words

Include a discussion surrounding the major tax reform that recently passed - the TCJA (Tax Cuts and Jobs Act) and its potential effect on a client's situation for the upcoming years.

Answer 1

With the passage of the tax reform bill, called the Tax Cuts and Jobs Act, you’re probably wondering how your taxes will be affected. The following article is the analysis by our experts at H&R Block.

Three highlights you need to know:

1.Virtually all taxpayers are impacted by the changes in the tax reform legislation
2.Tho who itemize will have fewer expenses to deduct and a higher standard deduction threshold to cross
3.Changes to child-related tax benefits impact families.

Potential effects.

Most changes from the Tax Cuts and Jobs Act took effect on January 1, 2018 and are slated to sunset after December 31, 2025. However, there are a few provisions from the new tax law that have a 2019 effective date and some are retroactive.