How will Trump's tax plan affect my taxes this year?

Taxes filed in April 2018 were not affected by Trump’s new tax plan. It remains to be seen whether or not taxes filed for 2018 will be affected by his new tax plan. Most likely, the items that have gotten through the Senate and the House will be affecting the 2018 filing season in April 2019. However, there are other aspects that haven’t gotten to the Congress yet that won’t be affecting the taxes you file for 2018.

What this means for the average American taxpayer has yet to be seen. As more of his tax reforms are passed, we’ll be seeing what the new taxes do to the average American. For now, it seems most of the changes will only affect the massively wealthy in a good

The new Tax plan has only four Tax brackets with rates 12%, 25%, 35% and 37% (earlier the bill maintained 7 brackets). Overall, Trump’s tax plan has increased the standard deduction.

The month of Tax filing (April) has started. Some of the provisions went into effect since January 1 that means they will automatically apply to your paychecks and they will not affect your tax returns this year. However, there are some major provisions that can affect your return this year, were applied retroactively. Let’s talk about them:

• The new Tax plan will increase for those who have paid a lot for medical expenses from their personal funds and also undermines the effectiveness of Obamacare.
• It will increase if you own a business and have bought capital assets after 27 September 2017.
• Lower-income families will also have tough times as exemptions are going away.

Besides thesefactors, there are still various things for which everyone is wondering. Being a US citizen, I must say that Trump’s Tax Plan is a huge burden on the average taxpayer as itcomes with many complications and future loopholes. Although the tax says that it will decrease for individuals, we'll have to see for ourselves.