During the last quarter of 2017, the Tax Cuts and Jobs Act was passed into law–the first major piece of tax reform legislation since the Reagan era. As with taxes in general, thinking about the tax code and accompanying legislation can feel overwhelming. However, since it will affect you and your business, you need to know what some of these changes are and how they can impact your bottom line.
First: the new tax reform bill won’t impact your 2017 taxes. File those as usual–you won’t see any of the below changes until you file your 2018 taxes. However, it’s a good idea to consult with a tax professional to decide what changes you need to be making now, if any, in order to prepare yourself for filing your 2018 taxes.