Impacts of the 2017 Tax Act on Individuals

Pretty soon, it will be time to think about pulling together your W-2s, investment statements, and other documents to prepare your 2018 income tax returns. Are you ready? Even if you usually have an easy time getting ready to prepare your income tax returns, your experience could be more challenging this year because of the Tax Cuts and Jobs Act passed in December 2017.

Many articles have been written describing the new tax law. The IRS website is packed with explanations and links that interpret the tax law changes. But how do you know which changes impact you and how to prepare? One option is to attend a workshop given by a qualified tax professional who has educated herself on all the tax law updates and their impacts.

You’ll have an opportunity to hear about the latest tax law changes that impact individuals and their families at my upcoming workshop. It will be at the Arlington Central Public Library in Arlington, VA on Wednesday, February 13, 2019, from 7:00 – 8:30 PM. I’ve been studying up on the changes you’ll see on your 2018 returns. Bring your questions and test me!

Register at this link: https://arlingtonva.libcal.com/event/4740642

So what can you expect if you attend my workshop? Here’s a taste:

  • A description of redesigned federal tax forms
  • Overview of lower individual income tax rates
  • Elimination of personal exemptions
  • Limits on state and local tax deductions
  • Limits on interest deduction for mortgage indebtedness
  • Elimination of most miscellaneous itemized deductions

Wow, that’s quite a list!

The Tax Cuts and Jobs Act signed into law in December 2017 impacts almost every U.S. household. How big that impact will be depends on your family situation, income, and location. For some, those changes will be dramatic. Things could get even more dramatic if you don’t understand how those changes impact you. Are you ready? Have questions? Get them answered on February 13th at the Arlington Central Public Library.