Updated: Dec 3, 2021

What you need to know about the tax reform act

Tax Reform 2018 is the first significant tax reform since 1986.

The new law includes many expected changes, some unexpected ones, and some changes that were expected but didn’t make the cut.

The changes do not affect your 2017 taxes except noted in this article.

The tax reform act did not change the following provisions:

  • Adoption Tax Credit

  • Child and Dependent Care Credit

  • Home Sales Exclusion

  • Student Loan Interest Deductions

  • Earned Income Credit

  • Earned Income Credit

  • Educator Expense Deduction

  • Net Investment Income Tax

Affordable care act.

Currently, all adults are required by law to have health insurance or pay a penalty. The new tax reform bill repeals this individual mandate.

Here are the most important things that individual taxpayers need to know:

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