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 ACA (Obamacare) Penalty for non-compliance repealed 9.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 Corporation AMT repealed 12.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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