December may feel like a long way off, but it’ll show up quicker than you think. Luckily, you still have time to figure out just how much the Tax Cuts and Jobs Act (TCJA) affects your situation.Use this list of major tax changes as you consider your midyear tax planning strategy:
• Lower tax rates and expanded income tax brackets
• Elimination of personal exemptions
• Expanded Child Tax Credit and new family credit
• Elimination of most moving expenses
• Changes to home equity debt interest deductions
• Elimination of miscellaneous itemized deductions
• Creation of a new 20 percent business income deduction
• Expansion of estate tax exemption
• Limitation of state tax deductions
• Changes in the Alternative Minimum Tax and itemized deduction phase out
Bring this list to your midyear tax-planning meeting. Give us a call today if you still need to set up an appointment.
