On December 20, 2017, Congress approved the Tax Cuts and Jobs Act (H.R. 1), and will now head to the President for signature at a later date. The tax reform act, which will mainly affect 2018 taxes and beyond, will have an immediate impact for both individuals and businesses. Some of the highlights of the 2017 tax reform include:
- 37% top individual tax rate
- Increase in the standard deduction
- 21% flat corporate tax rate
- More generous expensing
- Reduction in the total allowable mortgage deduction
Click here for detailed information on the tax reform act and how it may impact you. More information and analysis will be forthcoming in future Maloney + Novotny communications. Visit our website at maloneynovotny.com for regular updates and featured news alerts. As always, please feel free to reach out to your tax advisor for any questions or concerns.