Jan 5, 2018
The big news in December was that Congress passed the "Tax Cuts and Jobs Act" and it was signed into law by President Trump on December 22, 2017.
Today, Kristine Tidgren is here to walk us through some of the major changes and impacts from the changes made in the bill. We walk through some personal taxation changes like decreases in tax rates, doubling the standard deduction, and elimination of various deductions for those that itemize. We briefly cover changes made to the federal estate tax. Finally, we hit on some major (and complicated!) modifications for corporate tax filings.
A couple of important points we tried to note are that although there are general expectations about how most people's taxes may decrease, that may not be the case for everyone and the old lawyer's favorite phrase of "it depends" applies! Also, many of the provisions are not going to really apply until folks file their 2018 taxes in 2019. Finally, many of these provisions will phase out in 2025 and all provisions are only as "permanent" as the next Congress.
At the end of the day, the best thing for folks to do is be in contact with an accountant or tax professional to be sure they are clear on how these changes may impact their operation and to determine what changes may need to be made given the new laws.
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