What the New Tax Bill Means for You

What the New Tax Bill Means for You. The enactment of the Tax Cuts and jobs act represents “the most sweeping overhaul of the U.S. tax code in more than 30 .

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President Trump signed into law a tax plan that raised the standard deduction but eliminated personal exemptions, so the premium probably would kick in sooner than $29,000 under the new tax system.

The Tax Cuts and Jobs Act, passed by Congress today and about to be signed into law by President Donald Trump in the next day or so, is a.

The new tax bill keeps the current deductions for student loan interest. Additionally, the tuition waivers that are received by graduate students will remain tax free.

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A new bi-partisan. prefer to kill the tax credit altogether, which would also get rid of the disadvantage. I think this bill is a decent compromise that could pass compared to what the Democrats.

This will harm taxpayers in high-tax states like New York and California. The Act expanded the deduction for medical expenses for 2017 and 2018. It allowed taxpayers to deduct medical expenses that are 7.5% or more of income. Before the bill, the cutoff was 10%. Seniors already had the 7.5% cutoff.

The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be deducted annually.

But as you get ready to file your tax return this year, you should prepare for some of the. The majority of the new tax law's changes went into effect Jan. 1, 2018, which means people filing their 2018 taxes in 2019 will need to take these.

What the New Tax Bill Means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.

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What this means for you: While every little bit helps, these tax breaks are minimal and only impact a select few. High earners with large amounts of student loan debt often phase-out of the $2,500.