It's been 30 years since the last major changes to the tax law. Will reform be a reality this time?
On Thursday, Senate Republicans released their tax plan. On the same day, the House Ways and Means Committee advanced the House GOP tax-reform bill, sending it to a possible vote as early as next week.
What's different in the two bills, and how could they impact your taxes next year and beyond?
"Overall, they're very similar," Jackson Hewitt Chief Tax Officer Mark Steber tells CNBC's "On The Money" in a recent interview.
"The House bill kind of followed the framework put out several weeks ago by the (Trump) administration," he said, "and the Senate bill really dovetails right onto that."
Both versions would likely lower individual tax rates — the standard deduction would double to $12,000 for single filers and $24,000 for couples.
Itemized deductions could be eliminated or limited, including state and local taxes, medical expenses, and student loans. Plus, the mortgage interest deduction may change.
"There are a few nuanced differences," Steber explained, saying the Senate bill "totally takes out the state and local tax" deductibility.
"But they kept the basic premise the same, doubling the standard deduction, moving the tax rates around a little bit," he said.
The House version has four tax brackets, while the Senate bill has seven, similar to the current seven brackets, Steber said, but "lowering the top and the bottom rates."
While acknowledging a lot can and probably will change in the tax-reform process, Steber ran some rough scenarios on what the current GOP tax plans could mean for different types of taxpayers.
A single mom with one child making $30,000 a year would "lose the (dependent) exemption, but she gains on the child tax credit up to $1,650 in the Senate version." With the doubling of the standard deduction, "she will end up a winner to the tune of $700 under the House bill, probably a bit more on the Senate bill. "