10 Ways Tax Reform Will Impact Individuals
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Gain a better understanding of the top provisions and issues that will impact individual taxpayers.The impact of the Tax Cuts and Job Act of 2018 (TCJA) will have varying effects on individual taxpayers at year end. Some will benefit from the new rules, others will find their tax base increased and yet others will experience little or no change from 2017. This topic takes a look at the structure of this legislation and what it means in terms of policies and procedures for filing income tax in 2018.
AuthorsE. Pete Lewis, M.B.A., CPA, EA, Lewis & Associates Tax Planning, Inc.
Analysis of the Tax Cuts and Job Act of 2018
• Individual Tax Rate Changes
• Business Tax Rate Changes
• Estate and Trust Tax Rate Changes
• Review 10 Major Tax Law Changes Affecting Individuals Who Are
- Wage Earners
- Business Owners of Passthrough Entities
- Beneficiaries of Trusts and Estates
Planning for Business Owners Under TCJA
• How Business Restructuring May Reduce Tax Liabilities
• The Silver Lining Under New Section 1031 Like-Kind Exchange Rules
• How Employee/Shareholders May Recover From the Loss of Unreimbursed Business Deductions
• Survival of the Specific Identification Stock Matching Continues to Release Deferred Stock Losses Trapped in "Wash Sale Rules"
• Survival of Tax Breaks Inherent in Captive Business Insurance Premiums