The Tax Cuts and Jobs Act (TCJA) was passed in December 2017 and made significant changes to the federal tax code. Here are some of the ways that the TCJA may affect your taxes:

1. Changes to tax brackets: The TCJA made changes to the tax brackets and tax rates. For example, the top tax rate was lowered from 39.6% to 37%.
2. Increase in standard deduction: The standard deduction was nearly doubled under the TCJA, meaning that fewer taxpayers will itemize their deductions. For the 2022 tax year, the standard deduction for single filers is $12,950, and for married filing jointly, it’s $25,900.
3. Elimination of personal exemptions: The TCJA eliminated personal exemptions, which were previously $4,300 per person. This means that taxpayers can no longer claim an exemption for themselves, their spouse, or their dependents.
4. Changes to itemized deductions: The TCJA made changes to several itemized deductions, such as limiting the deduction for state and local taxes to $10,000 and eliminating the deduction for unreimbursed employee expenses.
5. Increase in child tax credit: The child tax credit was increased from $1,000 to $2,000 per child under the TCJA. Additionally, the income threshold for the credit was increased, meaning that more taxpayers may be eligible for the credit.
6. Changes to business taxes: The TCJA made significant changes to business taxes, including a reduction in the corporate tax rate from 35% to 21%, a 20% deduction for qualified business income for certain pass-through entities, and changes to the depreciation rules for certain assets.

It’s important to note that not all taxpayers will be affected by the TCJA in the same way. The impact of the TCJA on your taxes will depend on your individual circumstances, such as your income level, filing status, and deductions. Consult with a tax professional to determine how the TCJA may affect your taxes and to develop a tax planning strategy.