The following is a summary of some of the more significant changes under the new Tax Cuts and Jobs Act (TCJA) that may affect your business. Reduction in Corporate Tax Rate and Dividends Received Deduction TCJA eliminates the graduated corporate tax rate structure and instead taxes corporate taxable income at 21 percent. It also eliminates […]
The following is a brief overview of Tax Cuts and Jobs Act’s (TCJA) key changes (and non-changes) affecting individuals. Tax Rates and Brackets. TCJA provides seven tax brackets, with most rates being two to three points lower than the ones under present law (the top rate goes from 39.6 percent to 37 percent). The top […]
Because the Tax Cuts and Jobs Act (signed into law on December 22, 2017) eliminates many personal itemized deductions beginning in 2018, and makes other changes that may affect your tax benefit from the deductions that remain, it may make sense to accelerate some deductions into 2017. Examples of items that can be accelerated include […]