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  • The Tax Cuts and Jobs Act of 2017 (TCJA)




  • 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     ACA (Obamacare) Penalty for non-compliance repealed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   Corporation AMT repealed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


    Tom Bargsley | 01/04/2018



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