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.
Learn about IRS Notice CP87A, why you received it, and how to resolve a dependent discrepancy. Get tax help from the tax experts at H&R Block.
Are you counting down the days until you get your tax refund? Learn more about the Protecting Americans from Tax Hikes (PATH) Act and how it could impact you.
You can file an extension for your taxes by filing Form 4868 with the IRS online or by mail. This must be done by the tax filing due date, typically April 15. Filing an extension for your taxes gives you an additional six months to prepare your return no matter the reason you need the extra time.
Learn about the IRS estimated tax penalty. Read the IRS definition and get more insight from the tax experts at H&R Block.