With the massive GOP tax reform bill heading to the White House for a jubilant President Trump’s signature, it’s time for the number crunching to move from Capitol Hill to your kitchen table. Do the pros and cons found in the 500-plus pages of legislative language add up to good news or bad news for your family’s bottom line?
Here’s a look at key provisions of the new tax law that could affect your pocketbook. Most go into effect in less than two weeks, on January 1, 2018, but will NOT affect your 2017 tax return due in April. In almost every case, that return is covered by the old rules. Also, note that many of the changes affecting individuals will expire after 2025. Unless a future Congress acts to extend them, most of these rules would revert to those in effect in 2017.