On December 20, 2017, the U. S. House and Senate passed the Tax Cuts and Jobs Act (TCJA). This is the largest major tax reform in over three decades and contains a whole host of tax provisions that impact individuals and businesses. With a few rare exceptions, the TCJA affects 2018 returns, filed in 2019. Below are highlighted some of the provisions that will affect individuals.
New Tax Rates and Brackets. For the years 2018-2025 seven tax brackets apply for individuals. These range from 10% to 37% and this new law changes (primarily increases) the income levels that fall into each bracket….