Out With The Old Tax Plan – In With the New!

The Tax Cuts and Jobs Act made dramatic changes to federal tax law.

It is worth reviewing some of these changes as 2019 approaches and households and businesses refine their income tax strategies. 

  • Income Tax Brackets have Changed

  • The Standard Deduction has Nearly Doubled

  • The State & Local Tax (SALT) Deduction has a $10,000 Ceiling

  • The Estate Tax Exemption is Twice What it Was

  • More Taxpayers Find Themselves Exempt From AMT

  • The Child Tax Credit is Now $2,000

  • Some Itemized Deductions are History

  • Many Small Businesses Can Deduct 20% of their Earnings

  • We now Have a 21% Flat Tax for Corporations

  • Section 179 and Bonus Depreciation Allowance Doubled

  • Like-kind Exchanges are Now Restricted to Real Property

  • May be the Final Year Individual Health Insurance Required

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