The New Tax Law and How it Affects You

Wait! Before you fill out your tax returns, there are some things you need to know. The Tax Cuts and Jobs Act (TCJA) passed in December 2017 is considered the most sweeping tax legislation since the Tax Reform Act of 1986. Major changes will affect individual and business tax filings this year – right now. Overall, the TCJA has reduced income tax rates for most individual tax brackets and corporations. Although the TCJA offers significant tax benefits it also eliminates or limits many tax breaks, and much of the tax relief is only temporary. Rashida will explain the changes that have been implemented for 2018 that will affect both business and individual tax filings. You will learn about: -Qualified Business Deduction for pass-through entities and sole proprietors and the new corporate tax rate -Changes in interest and entertainment expenses deductions -Changes in carrying forward business losses -Changes in business depreciation limits for auto and section 179 limitations -Changes to itemized deductions, child tax credit, the standard deduction, alimony, and kiddie tax rates