Congress passed the Tax Cuts and Jobs Act in December 2017. This was the first significant reform to the tax laws since 1986. Since changes have been made to both individual and corporate tax rates, most taxpayers will be affected by this legislation. Those who itemize will have fewer expenses to deduct and a higher threshold in order to itemize. Changes to child-related tax benefits will impact families. Most changes took effect on Jan. 1, 2018, and tax returns filed during this spring for the 2017 tax year generally will not be affected. But the following are changes that could affect individuals and families for the tax year that just started.

Tax Rates Changing