Topel Forman News

Highlights of the Tax Cuts and Jobs Act

Dec 21, 2018

Highlights of the Tax Cuts and Jobs Act

Wondering how the Tax Cuts and Jobs Act will affect you? Our team has put together three guides highlighting the major changes that will take place for individuals, businesses, and estates and trusts. You can download the guides here:

Click Image to Download the Business Tax Guide

Click Image to Download the Individual Tax Guide

Click Image to Download the Estate and Trust Tax Guide

Business Tax Changes:

  • Corporate Tax Rates
  • Qualified Business Income
  • Qualified Opportunity Zones
  • Net Operating Losses and Excess Business Loss Limitations
  • Miscellaneous Business Provisions

Individual Tax Changes:

  • Individual Ordinary Income Tax Rates for Single and Married Taxpayers
  • Capital Gains and Qualified Dividend Tax Rates
  • Alternative Minimum Tax Changes
  • Changes to the State and Local Tax Deduction
  • Changes to the Mortgage Interest Deduction
  • Child & Family Tax Credit
  • Retirement Plan Changes

Estate and Trust Tax Changes:

  • Basis of Property Acquired from a Decedent §1014
  • Tax Brackets for Trusts and Estates

Any questions? Feel free to contact us to learn more about how the TCJA could be affecting you.

© 2018

About Topel Forman

What makes our firm special

Contact Us

Reach out to Topel Forman

Services

Learn what we have to offer

If you have questions, please reach out to your Topel Forman contact.

 

About Topel Forman

What makes our firm special

News & Events

The latest news you need

Our People

Specialists in your industry

Related News Posts

Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024

Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024

On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the “Tax Relief for American Families and Workers Act of 2024.” The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee’s Chairman Smith and the Senate Finance Committee’s Chairman Wyden.

read more
The standard business mileage rate will be going up slightly in 2024

The standard business mileage rate will be going up slightly in 2024

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).

read more
Tax Planning: Charitable Giving

Tax Planning: Charitable Giving

Charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly.

read more