Scratching your head about the new tax bill? The Tax Cut and Jobs Act of 2017 (TCJA) will reduce the tax bill for most Americans. If you are wondering if you are included in that group, the tool below might answer your question. Created by the non-profit Tax Foundation, this tool will allow you to use your own inputs to estimate the size of your tax cut (or increase).
The Tax Foundation‘s tax calculator is for estimation of the impact of the TCJA on taxpayers. It does not fully represent all potential tax scenarios and liabilities, and should not be used for tax preparation purposes. This calculator is for educational use only.
From the website of the Tax Foundation: The Tax Foundation is the nation’s leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization.
To learn how you might maximize your deductions under the new TCJA click here.
Read about the impact of the tax bill on your estate planning here.
For an extended summary of the Tax Cut and Jobs Act of 2017 click here.
The information included in this article and the Tax Foundation tax-estimator tool are for informational purposes. Please consult your tax advisor before acting on this information.