Tax Cuts and Jobs Act 2018

New Tax Law 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes individual and business clients are likely to be interested in. Individual information includes the new individual tax rates and brackets, capital gain threshold changes, personal exemption, home equity interest, moving expenses, state and local taxes itemized deductions, alimony, AMT, Child Tax Credit, and the kiddie tax. Business information includes the new C corporation tax rate, business pass-through deduction, special depreciation, Section 179 deduction, AMT, and net operating losses.

HIGHLIGHTS:

  • New tax law.
  • Tax rates and brackets.
  • Itemized deductions.
  • Standard deduction.
  • Pass-through business deduction.

New Tax Law Spanish Version 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes individual and business clients are likely to be interested in. Individual information includes the new individual tax rates and brackets, capital gain threshold changes, personal exemption, home equity interest, moving expenses, state and local taxes itemized deductions, alimony, AMT, Child Tax Credit, and the kiddie tax. Business information includes the new C corporation tax rate, business pass-through deduction, special depreciation, Section 179 deduction, AMT, and net operating losses.

HIGHLIGHTS:

  • New tax law.
  • Tax rates and brackets.
  • Itemized deductions.
  • Standard deduction.
  • Pass-through business deduction.

Tax Cuts and Jobs Act – Corporations 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes corporate clients are likely to be interested in. Corporate information includes the new corporation tax rates, alternative minimum tax, accounting methods, and S corporation conversions to a C corporation.

HIGHLIGHTS:

  • New tax law.
  • Corporate tax rates.
  • Alternative minimum tax.
  • Accounting methods.
  • S corporation conversions.

Tax Cuts and Jobs Act – Depreciation 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on depreciation changes clients are likely to be interested in. Information includes the Section 179 deduction, special (bonus) depreciation, luxury automobiles, and qualified improvement property.

HIGHLIGHTS:

  • Section 179 deduction.
  • Special (bonus) depreciation.
  • Luxury autos.
  • Qualified improvement property.
  • Farming equipment and machinery.

Tax Cuts and Jobs Act – Employers 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes employers are likely to be interested in. Information includes the modification of certain fringe benefits and a new credit for paid family and medical leave.

HIGHLIGHTS:

  • Fringe benefits.
  • Entertainment expense.
  • Transportation benefits.
  • Meals.
  • Bicycle commuting.
  • Employee achievement awards.
  • Sexual harassment or abuse settlements.
  • Credit for paid family and medical leave.

Tax Cuts and Jobs Act – Excess Business Loss and Net Operating Loss NOL 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on the new 20% deduction for qualified income from a business.

HIGHLIGHTS:

  • Qualified business income deduction.
  • Threshold amount.
  • W-2 wages limitation.
  • Property limitation.
  • Qualified trade or business.

Tax Cuts and Jobs Act – Individuals 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes for individuals. Information includes changes to itemized deductions, adjustments to income, and the Child Tax Credit.

HIGHLIGHTS:

  • Tax rates.
  • Adjustments to income.
  • Personal exemptions.
  • Standard deduction.
  • Itemized deductions.
  • Child Tax Credit.
  • Family Tax Credit.

Tax Cuts and Jobs Act – New Business Income Deduction 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes for individuals whose business deductions exceed gross income. Information includes the new excess business loss limitation, pass-through entities, and net operating losses.

HIGHLIGHTS:

  • Excess business loss limitation.
  • Individual net operating loss.
  • Partners.
  • S corporation shareholders.
  • Estate or trust NOL.

Tax Cuts and Jobs Act – Retirement and Other Savings Accounts 2018

This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on the changes to retirement accounts, education savings accounts, and ABLE accounts.

HIGHLIGHTS:

  • Roth IRA reconversion.
  • Roller of plan loans.
  • Section 529 qualified tuition plan (QTP).
  • Achieving a better life experience (ABLE) account.
  • State and local taxes limitation.