This paper addresses the major changes for individual taxpayers associated with the Tax Cuts and Jobs Act signed in December of 2017. For tax years 2018 through 2025, taxpayers and tax practitioners will notice substantial changes in tax rates, allowable deductions, and limitations. Changes expected to impact most taxpayers include the elimination of personal exemptions, increase in standard deductions, and changes and limitations associated with various itemized deductions. Taxpayers with children will also notice a change to the amount and income limitations for the child tax credit.
TCJA, Tax Reform, Tax Brackets, Standard Deductions, Itemized deductions, AMT, Alimony, 529 Plans, Child Tax Credit, Personal Exemptions