Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) was passed at the end of last year and is the first tax law change in some time that actually have substantive changes to how US taxes are calculated.

  • Tax rates changed
  • Expenditures that used to be deductible are no longer
  • Individual standard deduction amounts changed
  • Personal exemptions went away
  • Qualified business income is taxed at a lower effective rate

We have a more detailed analysis at Tax Cuts and Jobs Act