On Dec. 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act makes small reductions to income tax rates for most individual tax brackets and substantially reduces the income tax rate for corporations. It also provides a large new tax deduction for owners of passthrough entities and significantly increases exemptions for the individual AMT and the estate tax.
It’s not all good news for taxpayers, however and this guide provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the new tax environment.