New Tax Law Changes Impacting Individuals

New Tax Brackets Effective January 1, 2018

New tax brackets means your taxable income will be taxed differently than before for the next seven years, under the new Tax Cuts and Jobs Act. These new tax brackets expire or "sunset" for tax years beginning January 1, 2026.

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Deductions and Personal Credits

The creation of a cap on the amount of State and Local Taxes (SALT) that can be deducted on a federal income tax return received all the news coverage while the bill was being debated, voted on and passed. However, the Tax Cuts and Jobs Act affects much more than just the SALT deductions.

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Income and Exclusions

Changes to items that may or may not be excluded from your gross taxable income occurred with the passage of the new Tax Cuts and Jobs Act.

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Capital Gains

Many changes to the treatment of Capital Gains have resulted from the passage of the Tax Cuts and Jobs Act.

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Estate and Gift Taxes

Beneficial changes regarding estate and gift taxes were included in the new Tax Cuts and Jobs Act. However, it may be more important than ever to have an estate and gifting plan, or to update an existing plan, to ensure disposition of your assets as you intend.

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Retirement Plans

With the new provisions of the Tax Cuts and Jobs Act in place, this is a great time to review your retirement investments to determine whether they make the most sense under the new law.

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Disaster Area Relief & Casulty Losses

The laws have substantially changed with regard to how casulty losses may be treated on your income tax return as a result of the passage of the Tax Cuts and Jobs Act.

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ABLE Programs and 529 Plans

New changes within the Tax Cust & Jobs Act have affected 529 education savings accounts as well as ABLE accounts for disabled beneficiaries.

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