The Tax Cuts and Jobs Act – How it will change your taxes in 2018 — and beyond
Abstract: The TCJA brings some significant changes to the amounts individual taxpayers end up owing the IRS, starting this year and generally running through 2025. The sweeping legislation affects everything from income tax rates, deductions and credits to the alternative minimum tax (AMT) and the estate tax. This article highlights some of the most important provisions for individuals, including tax brackets and rates and family-based breaks. A sidebar spotlights how the new law makes 529 plans, which many families use to grow their savings tax-free for their children’s college, more valuable.