2018 Tax Roadmap: Revisiting Your Route to Minimize Liabilities
March 9, 2018 - By: SC&H Group
The Tax Cuts and Jobs Act (TCJA) was signed into law in late 2017, but, your journey in navigating this sweeping overhaul is just beginning. Numerous questions remain for individuals and corporate taxpayers related to planning strategies and tactics in this era of new reform. No different than relying on GPS to lead you to your desired destination, or referring to a map when traveling in an unfamiliar area, you require a trusted resource that will help guide you through this new, unchartered territory.
We have created the information below as a stop along this complex journey. What do these changes mean for you, and for your business? What strategies and tactics should you now consider? From home mortgage interest and child tax credits to depreciation changes and state and local tax treatment – we discuss how the TCJA may impact you. We hope these resources serve as a helpful roadmap as you contemplate how to minimize liability and maximize value in 2018 and beyond.
- Accounting Method Changes under the 2017 Tax Cuts and Jobs Act
- How Does the New IRS Qualified Business Income Deduction Work?
- How Does the Tax Cuts and Jobs Act Impact Tax Exempt Organizations?
- Changes Affecting Manufacturers Under the Tax Cuts and Job Act
- Effect of the Tax Cuts & Jobs Act on R&D Credit & Expenses
- Depreciation Changes Under Tax Reform
- Massive Changes to the Estate and Gift Tax Exemption
- Expansion of 529 Plan Provisions
- Modified Kiddie Tax Rules
- New Limitations on Excess Business Loss
- Enhancements to the Child Tax Credit and a New Partial Credit for Other Dependents
- Alimony Treatment Reversed by the New Tax Cuts and Jobs Act
- Personal Casualty & Theft Loss Deductions Severely Limited
- New Rules for Deducting Home Mortgage Interest
- Limitations on State and Local Tax Deductions