If you have a job where you get a W-2, and you don’t itemize then you are good. The new standard deduction for a single person is $12,000. If you used to itemize on a schedule A, then things are changing. Some people may want to run out and create an LLC, but I would advise to estimate your tax bill pre and post the new tax bill before doing that. Don’t panic and incur more expenses that you have to.

I am going to wait until tax professionals analyze the bill and add more to this post when I know more.