This act has wide ranging impacts to the income tax system for both businesses and individuals. Most of the changes take effect in 2018, however there are a few that are retroactive to 2017.
When we prepare your taxes, we will give you insight into how the new tax law will impact your taxes in 2018. There are many moving pieces of the tax law that changed so it would impossible to make general statements on how it would affect everyone. For most people and businesses, the changes should be positive.