Recapping the 2017 Tax Cuts & Jobs Act

By Nick Hopkins, CPA, CFP®
Partner, Director of Tax Services
nhopkins@sponselcpagroup.com

The 2017 Tax Cuts & Jobs Act brought some of the most sweeping changes to the U.S. Tax Code in three decades. We’ve previously made sure to timely communicate these changes to our clients, but we think they are worth repeating again! And we’ve also published a series of articles (The Deep Dive) that provide an in-depth look at specific aspects of the new tax law and how they might affect you and your business.

Individual Taxpayers: Here you can find an overview of key provisions affecting individual taxpayers. Changes include a new tax rate structure with seven tax brackets, a standard deduction increase, a child and family tax credit increase, limitations on itemized deductions, an increase in the Alternative Minimum Tax exemption and more.

Business Taxpayers: This breakdown details such changes as a new deduction for qualified business income, reduced corporate tax rates, limits on business interest deductions, new fringe benefit rules and a new general business credit for employers that’s equal to a percentage of wages they pay to qualifying employees on family and medical leave.

As you undergo year-end tax planning, we encourage you to review these changes in order to prepare for the new year. Take a look at the tax summaries mentioned above as well as The Deep Dive, which has six entries that elaborate upon the new tax law changes.

If you have any questions about the new tax law and its effects on you and your business, please call Nick Hopkins at (317) 608-6695 or email nhopkins@sponselcpagroup.com. Our Tax Team stands ready to assist in the implementation of these changes for your benefit!

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