"Tax Cuts & Jobs Act"
In 2017, the "Tax Cuts and Jobs Act" (TCJA) was signed into law. This is the largest tax reform since 1986. Most of the changes became effective in 2018; others became effective after 2018. There are many changes that may effect your personal or business income tax returns. To list a few ...
Individual Tax Returns:
- Reductions in income tax rates for most individuals
- Reductions or eliminations in certain itemized deductions
- Increases in the standard deductions
- Changes to certain child and dependent tax incentives
- Almost doubling the estate tax exemption
Business Tax Returns:
- Reduction to the corporate income tax rate
- More rapid business write-offs for capital expenditures
- A new 20% deduction for owners of certain pass-through business entities
Due to the size and scope of the tax changes, we are unable to provide a full list of all the changes and necessary information for a complete explanation. Please contact our office if you would like a copy of our tax summary.