The new tax act, which was signed into law by President Trump on December 22, is the most comprehensive reform of the U.S. tax code in more than 30 years. The passage of the tax reform act will have a significant impact on the tax strategies of many Americans in 2018 and beyond.

Here are some of the ways that tax reform could affect tax planning for you and your family.

Standard Deduction Raised

To itemize or not? This is the big question many individuals and families will be facing now that the standard deduction has been drastically increased — from $13,000 to $24,000 for married couples filing jointly, from $9,350 to $18,000 for heads of household, and from $6,500 to $12,000 for singles.

With a higher standard deduction, it may no longer make sense to go to the trouble of itemizing deductions for things like charitable contributions, home mortgage interest or state and local taxes. If the standard deduction is higher than the total of your itemized deductions, you will likely be better off just claiming the standard deduction. Not only could this save you tax dollars, but it will also simplify tax preparation.

Some Itemized Deductions Limited

Speaking of itemized deductions, some of the most popular deductions have been limited by tax reform. These include a $10,000 limit on deductions for state and local taxes you pay and a limit on deducting mortgage interest to the interest paid on new loans up to $750,000, down from $1 million before tax reform.

Due to all of these factors, there’s a chance that it might not be as beneficial for you to itemize deductions going forward as it has been in the past. You’ll need to crunch the numbers to determine the best strategy for yourself and your family.

Section 529 Plans Expanded

Section 529 plans have become a popular way for many families to save money for their children’s college educations. Thanks to tax reform, you can now use money you’ve saved in a 529 plan not only for college expenses, but also for private K-12 education expenses (up to $10,000).