Tax Reform: Tax Cuts and Jobs Act
H&R Block advises taxpayers that while many of the changes will not affect individual taxpayers’ tax liability until they file their 2018 tax return in 2019, virtually all taxpayers will be impacted beginning January 1, 2018 including changes to their paychecks in early 2018.
“Tax reform is not just a tax rate change or a bigger child tax benefit than you’ve had before. It’s going to change the way you think about and plan your income taxes. You’ll need to take a fresh look at your individual situation to know your outcome and new strategies to use to get the best tax outcome.”