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The Tax Cuts and Jobs Act of 2017 (TCJA)

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The Tax Cuts and Jobs Act of 2017 (TCJA)

Major Tax Changes Include:

1.     Personal Tax Rates lowered and tax brackets changed (2%-4%)

2.     Repeal of Personal Exemptions

3.     Increased Standard Deductions (most doubled)

4.     Limit to Personal deduction of all State and Local taxes of $10,000 per year

5.     New Residence purchases limits interest deduction to first $750,000 of debt

6.     Repeal of Miscellaneous Itemized Deductions

7.     Personal AMT Exemption increased

8.     ACA (Obamacare) Penalty for non-compliance repealed

9.     New Qualifying Small Business Deduction of 20% of net income

10.   Corporation income tax rate of 21%, with no graduated rates

11.   Corporation AMT repealed

12.   Bonus Depreciation increased to $1 million per year

13.   Net Operating Losses (NOLs) are limited to 80% against business income

14.   Estate & Gift Tax Exemption increased to $10 million

15.   In 2019, Alimony will not be income on receipt nor deducted on payment