With the end of the year rapidly approaching, we are once again reaching out to share our annual Tax Planning Guide with you. The 2018/2019 Tax Planning Guide is available here www.webtaxguide.net/Bregante.
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, included sweeping tax law changes that will impact individuals and businesses including:
- Small decreases in most individual income tax rates, elimination of personal exemptions but increased standard deductions depending on filing status, higher exemptions for alternative minimum tax (AMT) which should significantly decrease the number of individuals subject to AMT, increase in the child tax credit and special federal tax breaks for income individuals receive from pass-through entities such as partnerships, limited liability companies and S corporations.
- Elimination of or limitations to several personal tax breaks including capping the itemized deduction for state and local income and real estate taxes at $10,000, reducing the
amount of new acquisition debt for residences and the types of expenditures from home equity lines of credit that qualify for the mortgage interest deduction.
- Significant reduction in most corporate tax rates, repeal of the corporate AMT, enhanced expensing of qualified business property, changes to several business tax incentives including repealing the domestic production activities deduction and eliminating deductions for non-meal entertainment expenses and employee transportation fringe benefits.
These significant tax law changes, coupled with ever-evolving changes in accounting rules and financial planning strategies, make it important to help clarify and simplify these issues for you, and we feel that the Tax Planning Guide is a great tool for us to help do that for you.
Feel free to share the link to the Tax Planning and Estate Planning Guides with friends and family who you think might find the information interesting or helpful. We hope these will prove to be convenient sources of information for you in the coming months. If you have any questions after reviewing the information presented, please do not hesitate to give us a call.