2018 Tax Cuts & Jobs Act Overview
Mar 27,2018
On December 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act of 2017 (TCJA) makes small reductions to income tax rates for most individual tax brackets and significantly reduces the income tax rate for corporations. It also provides a large new tax deduction for owners of pass-through entities and significantly increases individual alternative minimum tax (AMT) and estate tax exemptions. And it makes major changes related to the taxation of foreign income. It’s not all good news for taxpayers, however. The TCJA also eliminates or limits many tax breaks, and much of the tax relief is only temporary. Here is an overview of some of the key changes affecting individual and business taxpayers. INDIVIDUALS The TCJA includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here are...

Go back to Blog Home