Notes:

• Personal income refers to income not received through social security, capital gains, or business income. This is often primarily wage and salary income.
• This calculator is intended to provide users with a high-level assessment of the impact of the expiring tax provisions, and is not intended to be tax advice. Instead, users should consult with their tax advisors concerning the impact of changes in the tax law.
• This calculator includes most aspects of the federal individual income tax code except provisions related to business and self-employed income.
• For each case, the model considers both, the standard deduction, and itemized deductions, and accounts for whichever results in higher total deduction.
• When adding any social security benefits received, this calculator will automatically assume that the taxpayer qualifies for the additional standard deduction.
• Professional service businesses include businesses in field of health, law, accounting, consulting, financial services, among others.
• Calculator assumes a limit of $40,000 mortgage interest deduction under current law post-TCJA expiration and $30,000 under TCJA extension.