Our firm is constantly researching the new Tax Reform Laws and how it will affect our clients. This will be an ongoing process, as the IRS has not issued any formal publications to date.
None of these changes will affect your 2017 taxes.
Here are the Top 10 Important things you need to know:
- Changes have been made to both individual and corporate tax rates
- Tax brackets for individuals have changed
- The standard deduction has essentially been doubled
- The personal exemption is gone
- The child tax credit has been expanded
- There’s a new tax credit for non-child dependents, like elderly parents
- Alimony payments are no longer deductible
- Moving expenses are no longer deductible
- The individual mandate on health insurance will go away by 2019
- Corporate tax rates are coming down and pass-through entities will also get a break
Rest assured that we will continue to educate ourselves and our clients as the tax code is released.
As soon as we know more you will too.
You can count on us!