With passage in both chambers of Congress of the Tax Cuts and Jobs Act and with the president expected to sign the legislation, H&R Block (NYSE: HRB) advises taxpayers that while many of the changes will not affect individual taxpayers’ tax liability until they file their 2018 tax return in 2019, virtually all taxpayers will be impacted beginning January 1, 2018 including changes to their paychecks in early 2018.

According to a press release, these changes could reduce or increase income taxes owed for 2018 and into the near future. Homeowners, high-tax state residents and families are among those impacted the most.

“Tax reform is not just a tax rate change or a bigger child tax benefit than you’ve had before. It’s going to change the way you think about and plan your income taxes. You’ll need to take a fresh look at your individual situation to know your outcome and new strategies to use to get the best tax outcome,” said Kathy Pickering, vice president of regulatory affairs and executive director of The Tax Institute at H&R Block. “Whether you prepare your own taxes or get assistance, this is the perfect time to talk with a tax professional to get help understanding how your situation may be affected by the new legislation and any adjustments you may need to make to get your best tax outcome in the future.”

The new tax bracket and tax rate structure will impact most taxpayers. Except for the lowest rate bracket, the rates are slightly lower and the brackets are generally slightly broader. The changes to the tax brackets will affect how much tax to pay for 2018 and could change a taxpayer’s paychecks starting in early 2018.

Those wanting more information on the new tax reform or questions about how it might effect you, H&R Block will be offering a free one hour Tax Reform meeting on Saturday, January 20, at the Southwest Center beginning at 10AM. Refreshments will be available.