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While many of us were busy preparing for the holidays, Congress was busy passing a new tax bill (you can read the full text here). No matter your political persuasion (or personal opinion on the new tax bill, congress or our sitting President), it has officially become the new law of the land and goes into effect on January 1, 2018. There are lots of sensational headlines out there and many claim it only cuts taxes for the wealthy and corporations, but here’s what every family needs to know about how the new tax bill will affect YOU and your family finances in the coming year.
Meghan spent nearly a decade as a Financial Analyst, before spending the last 7+ as a SAHM to three little ones. She shares simple money tips for moms to help your family reach your financial goals by building a financial plan you can LIVE with!
You can learn more about her background in finance, catch her daily on Instagram and Facebook, and her weekly live discussions in her community for Family Finance Moms.
So glad you found it helpful! I’m don’t trust anything in the news anymore because so much of it is misleading. I try to read everything at the source myself now – and this source is so complicated.
I don’t know why they have to make it so painful… actually, I do. By only publishing changes in the new bill, they can leave all the nonsense in the old bills that shouldn’t be there anyway. I’m glad you found it helpful!
[…] cost of your debt. Mortgage and student loan interest payments may be tax deductible (see the changes in the new tax bill most likely to affect your family), leading to an even lower after-tax cost. If your mortgage or student loan interest is tax […]
[…] time of year, most families’ biggest financial concern is filing income taxes. In 2019, a brand new tax bill brought in sweeping changes to many family’s personal income taxes and lots of questions with […]
[…] In 2017, President Trump overhauled the tax code with the biggest change in 30 years, making cuts to both personal income taxes, as well as corporate taxes (more on that in a minute). These changes were passed by Congress and signed into law in December 2017, and first impacted 2018 taxes. […]
[…] and always have been. This means the more income you make, the higher the tax rate. The most recent change to the tax law, the Tax Cuts and Jobs Act of 2017 (TCJA), increased the standard deduction for everyone in an attempt to simplify tax filings and encourage […]
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Thank you – this has been super helpful!
So glad you found it helpful! I’m don’t trust anything in the news anymore because so much of it is misleading. I try to read everything at the source myself now – and this source is so complicated.
Thank you. Now I don’t have to let my brain explode by trying to read the source myself. 🙂
I don’t know why they have to make it so painful… actually, I do. By only publishing changes in the new bill, they can leave all the nonsense in the old bills that shouldn’t be there anyway. I’m glad you found it helpful!
[…] cost of your debt. Mortgage and student loan interest payments may be tax deductible (see the changes in the new tax bill most likely to affect your family), leading to an even lower after-tax cost. If your mortgage or student loan interest is tax […]
[…] Related Post: 8 Things All Moms Need to Know About the New Tax Bill […]
[…] time of year, most families’ biggest financial concern is filing income taxes. In 2019, a brand new tax bill brought in sweeping changes to many family’s personal income taxes and lots of questions with […]
[…] In 2017, President Trump overhauled the tax code with the biggest change in 30 years, making cuts to both personal income taxes, as well as corporate taxes (more on that in a minute). These changes were passed by Congress and signed into law in December 2017, and first impacted 2018 taxes. […]
[…] and always have been. This means the more income you make, the higher the tax rate. The most recent change to the tax law, the Tax Cuts and Jobs Act of 2017 (TCJA), increased the standard deduction for everyone in an attempt to simplify tax filings and encourage […]