What Tax Reform Means to You

The Tax Cuts and Jobs Act of 2017 brought major changes to the U.S. Tax Code, affecting individuals and small-business owners alike. It was the first piece of significant reform in more than 30 years.

Taxpayers have questions about what reform means to them, and the PICPA has answers.

How Much Federal Tax Will You Pay in 2018?

Nick Crocetti, CPA, analyzes how much tax a median household income of $56,000 can expect to pay. He explains the chart below in greater detail in his blog.

Adjusted Gross Income
Standard Deduction
Taxable Income
Tax Liability
Child Tax Credits
Net Tax Liability
Single No Children
Head of Household Two Children
Married No Children
Married Two Children

Latest Blogs on Tax Reform

Health Care and Taxes: Update for Individuals 

For 2018, the mandate to have insurance coverage or pay a penalty (with some exceptions) still exists. Nancy Montanye, CPA, explains that the filing thresholds - and the average premium for the bronze plan -have changed. 

New Way to Shave Cost of Private K-12 Tuition

Previously, funds contributed to a 529 education savings plan could be used solely for qualified education expenses. William Stunkel, CPA, explains that tax reform now allows those funds to be used for the payment of tuition for K-12 education.

Additional Tax Resources

Guide to Interstate Taxes
Interstate Tax Guide
Tax Reform for Individuals
What You Need to Know about Tax Reform and Your 2018 Taxes
Tax Reform for Businesses
What Business Owners Need to Know about Tax Reform
Guide to Pa. State Taxes
Pennsylvania State Taxs - Tips for Filing 2018 Income Tax Returns

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