In December 2017, Congress passed the Tax Cut and Jobs Act (TCJA). The Act went into effect in 2018, which means many of the new reforms will apply when we file our taxes in 2019. Since the new year is just around the corner, you may already be wondering what the new changes will look like and how they’ll affect you.
The changes are substantial (some consider this the most comprehensive tax overhaul in decades!) and, for many of us, are difficult to grasp. To assist in your tax journey, we’ve provided a brief overview of what you can expect in the year ahead.
What are some of the major changes in the TCJA?
There are now new tax bracket income limits and lower tax rates for individuals and couples.
The standard deductions for individuals and couples are nearly doubled (for single filers: $6,350 to $12,000; for joint filers: $12,700 to $24,000).
While most of these changes are already in effect, there are some exceptions. For a handy timeline of which changes are effective when, check out this helpful resource.
Tax professionals: here’s how you can learn more.
If you’re a tax lawyer or accountant, you will need to become intimately familiar with the new reforms in order to properly advise your clients. For attorneys, Lawline’s latest tax law CLE curriculum will get you up-to-speed on all the latest changes so you can secure the best outcome for your clients. If you’re still hungry for more, you can browse through our comprehensive CLE catalog.
Angelica is a Program Attorney with Lawline. She graduated cum laude from Amherst College in 2008 and holds a B.A. in Women's and Gender Studies and a Certificate in Latino and Latin American Studies. She received her J.D. from Columbia Law School in 2013 and is admitted to practice law in New York and New Jersey. Before joining Lawline, Angelica worked as a labor & employment litigation attorney. Outside of work, Angelica mentors a bright and funny high school student and serves on the Board of Directors of the TEAK Fellowship. During her free time, Angelica loves to read, try new foods, and spend time with her wife, daughter, and her dog, Scotty.