The Tax Cut and Jobs Act was passed in late December, 2018. Many changes were made for businesses as well as individuals. All of the BUSINESS changes are permanent. All of the INDIVIDUAL changes expire after 2025 unless somewhere along the line Congress makes them permanent.

Some highlights include:

Your retirement plans such as IRAs and 401(k)s have not changed. Nor have any of the tax benefits for Health Savings Accounts or 529 plans.
Health insurance mandate penalty sets to zero in 2019
The alimony rules for taxes take affect in 2019.

So, what's in it for me?

Lower tax rates, a larger standard deduction, and some lower tax rates for all businesses (including sole proprietors). The child tax credit has been doubled to $2,000 per qualifying child. However, the personal exemption has been eliminated, and the scale-back or end of several itemized deductions.

Then, late in December, 2019, Congress made some retroactive changes to this tax bill that will affect your 2019 and 2018 tax returns. Yes, 2018, which means that there may be some items that you can review to determine if amending your 2018 tax return is worth it.

Some of the items changed by Congress late in 2019 include: treatment of cancellation of debt and qualified mortgage premiums, tuition expenses, kiddie tax rates, fuel cell motor vehicle credits, and the reintroduction of some residential energy credits.