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In December 2017, President Trump and Congress enacted the massive new “Tax Cuts and Jobs Act” (TCJA), which constituted nearly 1,100 pages and dramatically changes tax laws as applicable to individuals and businesses. 

The following summarizes the changes impacting business tax returns. Unless otherwise noted, the changes are effective for tax years beginning in 2018. 

New deduction for “qualified business income”. The most significant new provision affecting small business taxpayers is the new deduction for “qualified business income”. 

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In December 2017, President Trump and Congress enacted the massive new “Tax Cuts and Jobs Act” (TCJA), which constituted nearly 1,100 pages and dramatically changes tax laws as applicable to individuals and businesses.

The following summarizes the changes impacting individual tax returns. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

Tax rates. The new law’s most significant and sweeping changes were to the tax rate structure and upper thresholds of the rate brackets of taxable income. The following table summarizes the upper thresholds of ordinary taxable income in each tax bracket for each individual filing status in 2018 as changed by the new law. For comparison, the following table summarizes the upper thresholds of ordinary taxable income in each tax bracket in 2017:

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