On Friday, 12/22/2017, President Trump signed the Tax Cuts and Jobs Act of 2017 (TCJA). This includes several changes to the tax code for individuals and businesses. Most of the changes go into effect 01/01/2018, though some have different effective dates.
The changes to individual tax returns include changes to tax rates and brackets, repeal of personal exemptions, changes to several itemized deductions, increases to standard deductions, increase to the child tax credit, and repeal of the individual healthcare mandate. Note that the healthcare mandate repeal is effective 01/01/2019.
On individual tax returns, pass through income from many businesses, including sole proprietors, partnerships, and S Corporations, along with rental real estate activities, will be eligible for a deduction up to 20% of the business activities' income. There are several restrictions and phase outs related to this deduction.
The changes to business tax returns include changes to tax rates and brackets, increases in bonus and section 179 depreciation, modifications to net operating loss calculation and carry over, and modifications to like-exchange rules.
Note that there are many more changes than listed above. Please contact me with any questions related to the TCJA.