Tax Reform Basics for Individuals and Families

Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. The IRS estimates that we will need to create or revise more than 400 taxpayer forms, instructions and publications for the filing season starting in 2019. It’s more than double the number of forms we would create or revise in a typical year. The IRS collaborates with the tax professional community, industry, and tax software partners each year as we implement changes to the tax law, including the Tax Cuts and Jobs Act, to ensure that our shared customer – you, the taxpayer - has information about how the law applies to your particular situation and you are prepared to file. Using tax preparation software is the best and simplest way to file a complete and accurate tax return. The software guides you through the process and does all the math. Electronic filing options include IRS Free File for taxpayers who qualify, Free File Fillable Forms for all taxpayers, commercial software, and professional assistance. The IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs offer free tax help and e-file for taxpayers who qualify. This publication covers some of the provisions of the TCJA. It provides information for you and your family to help you understand, take action - if necessary - and comply with your federal tax return filing requirements. It is not intended to replace or supersede IRS tax forms, instructions or other official guidance. The official IRS.gov website includes a Tax Reform page that highlights what you need to know about the tax law changes. This page also provides links to news releases, publications, notices, and legal guidance related to the legislation. IRS.gov/getready has information about steps you can take now to get a jump on next year’s taxes including how the new tax law may affect you