There are four weeks to go until your 2017 tax return is due. Whether you decide to e-file or mail in your tax return this year, there’s an online tax prep tool that can help guide you through the process — perhaps even for free, depending on your annual income.
Once you get this year’s paperwork out of the way, it’s worth taking a look at how the new law passed at the end of 2017 will affect your tax bill in 2018. The Tax Cuts and Jobs Act passed in December last year has significant implications for nearly everyone in America, whether you’re single or married, work for someone else or are self-employed, own a home or rent. (Take note: there are also changes to the way that cryptocurrency is taxed.)
To highlight the impact of the new tax bill, the nonprofit Tax Foundation developed a calculator to help estimate 2018 tax liabilities in a variety of common scenarios. You can also define your own custom parameters to see exactly how the new tax law will affect you. Try it out for free below. (If it doesn’t display correctly in your browser, try this page.)
You can learn more about this calculator here and about each example taxpayer here.
