Tax Reform Impact [INFOGRAPHIC]

 

Did you know… tax reform affects virtually every taxpayer? The Tax Cuts and Jobs Act (TCJA) which passed late in 2017 changes the way you claim exemptions, dependents, deductions and even medical expenses. But, are you asking, “How will the tax reform affect me?” or “Can I expect to pay more or less in 2018?” The following interactive tax reform infographic is meant to give you an indicator* of your tax reform impact.

Uncovering How Tax Reform Will Affect You

Get a high-level indicator* of how tax reform will impact you with our tax reform infographic above. You answer questions about:

  • Your filing status
  • Your number of children (if any)
  • Your household income. Don’t worry, we don’t need an exact amount. We’ll give you a few ranges to choose from. Plus, we’ll ask if most of your income is from self-employment.
  • Your normal deduction option. By that we mean whether you normally take the standard deduction or claim itemized deductions.
  • Whether your deductions for real estate, personal property, sales, state and local taxes exceed $10,000.
  • Whether you live in a high tax state, such as California, New York or New Jersey.

*Please note: Our tax reform infographic tool is an estimate of your tax impact in 2018 and should be used only as a helpful guide. To get a side-by-side estimate, visit our tax refund and tax reform calculator.

Want More Details on the New Tax Bill’s Impact on You?

Our Tax Pros can help you better understand how tax reform will impact you. Find your local Tax Office and speak with one of our knowledgeable Tax Pros today. You can also find additional information in our Tax Reform Center.

Related Topics

Related Resources

What is a 1098 Form? How to Report Mortgage Interest

Learn more about reporting your mortgage interest on IRS Form 1098 with step-by-step instructions from the tax experts at H&R Block.

Estate Tax

Learn about estate tax from the tax experts at H&R Block.

IRS Notice CP518B – You Didn’t File a Tax Return

Learn more about notice CP518B and how to handle an unfiled business tax return with help from the tax experts at H&R Block.

FAFSA Tax Return Requirements

Do you receive financial aid? Learn how the FAFSA uses your tax return with this checklist of commonly asked questions from the experts at H&R Block.