Tax reform considerations for individuals
When it comes to tax reform, what should you focus on, personally? Watch this video to find out.
The new tax reform legislation was intended to provide tax cuts across the board for individuals, but depending on your situation, that might not be the whole story. It’s important to determine what your taxable income might be.
With changes in many deductions, you can't simply compare the same level of taxable income under the old rate structure and new rate structure to understand how tax reform will impact you. Will you have that same taxable income after tax reform? Probably not. But whether it is higher or lower will depend on the details.
