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

IRS Notice CP60 – Misapplied Payments

Learn more about form CP60, why you received it, and how to handle an IRS CP60 notice with help from the tax experts at H&R Block.

How to Use First-Time Penalty Abatement

Get the facts from H&R Block about the widely available but little-known IRS penalty relief option called first-time penalty abatement.

Can the IRS Take or Hold My Refund? Yes.

The IRS has the authority to take or hold your tax refund if they think your return isn't accurate and in other situations as well. Find out more from the tax experts at H&R Block.

How to Address IRS Business Tax Penalties

Understand the most common types of IRS business tax penalties for filing and paying late, and your possible options for requesting IRS penalty relief.