Getting Smart with Money: Still Confused About Tax Reform?

If you’re still unsure how the recently-passed Tax Cuts and Job Act will affect you, you’re not alone.  While most everybody will see a tax cut, the guidance and interpretation from Washington has been slow to come.
 
If you’re an employee, you may already be seeing slightly more money in your paycheck (although hopefully more than this woman) because employers have been issued new withholding tables to reflect new tax rates.  If you own a small business, you might be able to take advantage of the 20% Qualified Business Income Deduction to invest in your business or make an additional hire.
 
The Tax Foundation has created a great online resource called the 2018 Tax Reform Calculator.  With a few simple clicks, you can create your own custom scenario to see how the 2018 Tax Cuts and Job Act will affect you, or you can choose from one of 8 scenarios for the one that most closely matches your own.  You can learn more about the Tax Reform Calculator here:
 
https://taxfoundation.org/2018-tax-reform-calculator-explainer
 
I hope you find this resource as helpful as I do!