What the 2017 Tax Reform Bill (Tax Cuts & Jobs Act of 2017) Means for You
The long-awaited approval by Congress of the Tax Cuts and Jobs Act of 2017 (H.R. 1) officially moved to the White House and was signed by the President. Most importantly, how will the new tax reform affect you for 2018?
Now that this bill is law, it’s important to note that these tax law changes will not affect 2017 tax filings for the most part. But with 2018 fast approaching, it’s crucial to be aware of what lies ahead and plan accordingly. We highlight the following changes:
Bonus depreciation increases from 50 percent allowance to 100 percent for new and used property placed in service after September 27, 2017.
The new law limits annual itemized deductions for all nonbusiness state and local tax deductions, including property taxes, to $10,000. This limitation does not affect business state tax deductions.
Please review the article for additional details.
Each of these new tax laws will affect every taxpayer differently. If you have questions or concerns specific to your tax filings, we encourage you to contact our office.