The Major Tax Changes: An Overview
The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent.
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Taxes for Individuals
The big news here is bracket changes. They've changed and are generally lower:
Those who continue to itemize, however, will see significant changes — especially if they're homeowners:
The child tax credit is doubled to $2,000, with a refundable portion up to $1,400.
The estate tax is still with us, but the exemptions have been doubled. The number of families that will be subject to the federal estate tax is now vanishingly small.
Taxes for Businesses
The big story here is the lowering of the tax rate from 35% to 21%. However, there are other important provisions:
If you want more details, visit the links below:
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