New Tax Law: Here’s What You Should Know
The Tax Cuts and Jobs Act (TCJA) of 2017 was one of the most sweeping tax code overhauls in decades. The majority of its provisions kicked in January 1, 2018, and most of the changes will expire at the end of 2025 unless Congress extends them. Even though they are likely temporary, the changes could have a potentially big impact on your taxes for the coming filing season. Let’s take a look at some of the more important provisions: 1. Tax rates and brackets have changed. The n