Accounting and Tax News

Accounting and Tax News

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Weekly Tax Notes

Tax Cuts and Jobs Act Major Individual Provisions

The Tax Cuts and Jobs Act that was signed into law last month makes numerous changes to the way individuals are taxed. These main changes may affect you starting with the 2018 tax year, but barring any further action by Congress, will expire after 2025.

  • Income Tax Rates and Brackets
  • Standard Deduction Increased
  • Personal Exemption Eliminated
  • AMT Exemption and Phase Out Level
  • Itemized Deductions
  • Pass-Through Business Income
  • Estate Tax
  • Child Tax Credit Increased

Of course, these items are not an all-encompassing list of all the changes made under the new tax law. If you wish to discuss how these or the many other changes in the Act could affect your particular tax situation, please contact our professionals at 859-331-1717.

Please see Rudler PSC e-Tip Tax Cuts and Jobs Act Major Individual Provisions for more details.