Arguably the biggest impact the new tax laws will have on Americans, no matter what socio-economic class they may belong to is the major changes to the personal or non-business deductions, which deductions a taxpayer can elect to either itemize or take a standard or fixed amount, whichever generates the larger deduction. Before President Trump’s tax law, which was signed on December 22, 2017, personal deductions included, in part, the taxpayer’s real estate and local property taxes, state and local income taxes paid, interest paid on mortgages on a primary and second residence (capped at $1 million in acquisition and… Read more
Tag: New Tax Law
How Does the New Tax Law Affect You?
On December 22, 2017, President Trump signed a new tax law, the Tax Cuts and Jobs Act, which made permanent corporate cuts and various individual changes that will expire at the end of 2025. The bill represents the most significant tax changes in the United States in more than 30 years with new tax brackets, modified deductions and credits, and eliminations of personal exemptions. Here is a summary of the most significant changes that will affect you as a taxpayer and what to look for when filing your upcoming tax returns. New Brackets for Income Taxes/Increase of Standard Deductions The… Read more