How Will the Tax Cuts and Jobs Act Affect You? Test the Taylor Porter Tax Return Worksheet

By John McDermott

Click here to access the Tax Worksheet in an Excel Document
(Note: The best way to complete this report is to open the Excel document from the link; click “Enable Editing”; do a “Save As” to your desktop; and then enter in the numbers to the saved file to your computer. Access to Excel on your device is required.)

On December 20, 2017, Congress passed a significant tax reform act commonly referred to as the Tax Cuts and Jobs Act (H.R. 1). The act was designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. To estimate the impact the 2017 Tax Cuts and Jobs Act has on individuals, I created a tax analysis worksheet. By using your 2017 or 2016 tax information to complete the survey, a summary report will be generated to estimate the changes to your taxable income and tax liability under the new tax law.

Although this tool is intended to provide a reasonably accurate analysis, certain compromises were made for convenience and simplicity, and assumptions were made with respect to how the law will be interpreted and applied.

Use of this tool is for your informational purposes only. Your voluntary use of this tool is not intended to constitute and does not constitute legal or tax advice to you. Your use of this tool does not constitute an engagement for legal services, and by using this tool you do not become a client of Taylor Porter.

Taylor Porter does not collect any personal information when you complete this report and does not receive or retain any report of your use of this tool or the results thereof. Because Taylor Porter does not retain any of the information you input and does not retain or have access to the report that is generated, we will not be able to individually view or discuss your results with you.

Our goal is to provide a helpful, informative tool as you anticipate filing your taxes next year under the Tax Cuts and Jobs Act.

You should consult your attorney, CPA, or other tax advisor for advice regarding your specific tax situation.