New Administration Tax Reform 2019: Understanding the Changes

As April approaches and Americans prepare to file their taxes, many people are now thinking about the changes that president Donald Trump has made to the Tax Cuts and Jobs Act. These changes were made in December of the year 2017. However, a lot of the changes will not have taken effect until this tax season. To date, the new tax reform has been noted as the most changes made since the period of president Ronald Reagan. This tax reform not only tackled tax cuts. A lot of other changes were made such as changes to the deductions that are available to taxpayers.

 

It is important for taxpayers of all categories to understand how these changes will affect their tax returns as well as how they file their taxes going forward.