Taking Advantage of the New Tax Reform Law

Every businesses' and every individual taxpayer's situation is different; therefore, the ways and the extent to which the new law may impact a business or an individual will vary widely. Critical to your understanding of how the new law may impact you or your business is to discuss your specific situation with your tax advisor. If you do not currently have a Tronconi Segarra & Associates tax advisor, we would be happy to take your call or respond to your email. Please call us at 716.633.1373 or email us at Info@tsacpa.com.

The Tax Cuts and Jobs Act, which became law on January 1, 2018, has the potential to significantly impact virtually every U.S. business. The new law clearly reflects the administration's focus on incentivizing the deployment of business capital in the U.S. to create jobs and stimulate growth, and to dissuade making such investments outside the U.S. In so doing, the new law contains sweeping changes that touch - and change - virtually every section of the tax code as we knew it up to December 31, 2017.

Individual taxpayers have been impacted by the new law, too. Along with the promise of a federal income tax reduction for wage earners under the new law, "simplification" was an objective of Congress as they debated and framed this new law. For individuals, a measure of simplification has been achieved through the increase in the standard deduction, which is expected to result in a decrease in the number of individual taxpayers that will need to - or be able to - itemize deductions on their income tax returns beginning in 2018. However, individuals must be aware of the many important changes taking place within the new law, from federal income tax withholding changes to estate tax changes to changed tax brackets, to name just a few.



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