The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping federal tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.
adjusted gross income for all taxpayers. Previously, the AGI “floor” was 10% for most taxpayers.
increased to roughly $11.2 million ($22.4 million for married couples).
As you can see from this overview, the new law affects many areas of taxation. It is also important to remember that each state has its own income tax code that may or may not conform to the new federal provisions. If you wish to discuss the impact of the law on your particular situation, please give us a call.