President Trump signed sweeping tax legislation into law on Dec 22. Most of the bill’s provisions are due to take effect January 1, 2018. Many areas are impacted including:
- There will be 7 tax brackets, with the highest being 37%
- The personal exemption and dependent deduction will be eliminated
- The standard deduction will increase
- Some itemized deductions are being reduced or eliminated
- The child tax credit will increase
- The alternative minimum tax (AMT) will remain but exemptions and phase-outs will increase
- The estate and gift tax exemptions will double
- The corporate tax rate will decline
- There will be a qualified business income deduction for pass-through entities
While the above is not an exhaustive list – and details of the new law are still being examined – we encourage you to contact your tax professional to discuss how these changes may impact you.
In the meantime here are resource links you may find useful:
Please join our Outlook 2018 event for further insight regarding tax law changes, financial markets and strategies for a successful 2018. Please review our seminar dates — CLICK HERE.