This course will provide a quick review of the entire Tax Cuts and Jobs Act Bill (H.R.1.). It will also provide a summary description of all provisions referenced in this section of the Tax Cuts and Jobs Act and will identify the provisions that were changed in the individual tax reform section. 

Dive into key areas of reform, including:

• Reduction and simplification of individual income tax rates and brackets, including 2023 adjustments.
• Changes to the standard deduction and the repeal of personal exemptions.
• Treatment of qualified business income (Section 199A deduction).
• Simplification and reform of various tax credits, such as the Child Tax Credit and education credits.
• Modifications to deductions and exclusions, including those for home mortgage interest, state and local taxes (SALT), charitable contributions, and miscellaneous itemized deductions.
• Updates affecting savings, pensions, and retirement planning, as well as estate and gift taxes.
• Elimination of the shared responsibility payment under the Affordable Care Act.

Gain a clear understanding of which sections changed and which were updated. Recognize the updated tax rates, standard deduction amounts for various filing statuses, and identify the effective dates of the individual tax provisions. Prepare to navigate the complexities introduced by the TCJA with confidence.

Field of Study: Taxes