New Tax Law

Blog-Feature_Images-NewTaxLawPresident Trump signed sweeping tax legislation into law on Dec 22. Most of the bill’s provisions are due to take effect January 1, 2018. Many areas are impacted including:

  • There will be 7 tax brackets, with the highest being 37%
  • The personal exemption and dependent deduction will be eliminated
  • The standard deduction will increase
  • Some itemized deductions are being reduced or eliminated
  • The child tax credit will increase
  • The alternative minimum tax (AMT) will remain but exemptions and phase-outs will increase
  • The estate and gift tax exemptions will double
  • The corporate tax rate will decline
  • There will be a qualified business income deduction for pass-through entities

While the above is not an exhaustive list – and details of the new law are still being examined – we encourage you to contact your tax professional to discuss how these changes may impact you.

In the meantime here are resource links you may find useful:

Please join our Outlook 2018 event for further insight regarding tax law changes, financial markets and strategies for a successful 2018. Please review our seminar dates — CLICK HERE.