The most recent quarter brought one of the most significant changes to the U.S. tax code in decades as Republicans passed a bill in December which will affect every citizen. The biggest changes in the legislation were decreases in marginal tax rates - with businesses getting the largest reduction in rates (from 35% to 21%) while individual rates fall for almost everyone.
As is the case for all large legislative changes it will help you to become familiar with the changes and in some cases make changes in your behavior in order to reduce taxes for your family. Some of the more significant changes are a reduction in rates and a doubling in the standard deduction to $12,000 for individuals and $24,000 for families. This combined with a doubling of the child tax credit from $1,000 to $2,000 per child will mean a significant reduction in taxes for most working families. This article is a helpful overview of the changes: link