Tax Reform

What We Provide

Key Tax Reform Changes

You Need To Know About

Tax rates & brackets

- Most taxpayers will see lower rates
- Highest rate drops from 39.6% to 37%
- Average marginal corporation tax rate reduced to 21%

Self-Employed Taxes

- New 20% Qualified Business Income Deduction
- Qualified business equipment can be deducted up to $1,000,000
- Potentially a greater business auto depreciation deduction

Standard Deduction

- Increased to $12,000 for single or married filing separately, $24,000 married filing jointly
- Increased to $18,000 for Head of Household
- 65 and over, blind, or disabled will get an additional standard deduction

State & Local Taxes

- State and local property, income, and sales taxes limited to $10,000
- No income tax prepayment for 2019 allowed

Families

- Dependent exemption of $4,050 is eliminated
- Child Tax Credit doubles to $2,000
- Adds $500 credit for other types of dependents

Healthcare

- Eliminates tax penalty for not having health insurance (starting in 2019)
- Lowers floor on out-of-pocket medical expenses to 7.5% for 2017 & 2018