How the New Tax Law Impacts Tax Deductions

21st Jun 2018

Major Tax Deductions Impacted by the Tax Cuts & Jobs Act

Corporate Tax Rate Drops. Tax payers get new standard deductions. BUT, many personal deductions are curtailed.Tax Deduction Changes for 2018 - Infographic

The Tax Cuts and Jobs Act (TCJA) changed many  deductions that your high income self-employed and small business clients may have used previously to reduce taxes.

Surprisingly, TCJA increased the value of high contribution retirement plans like Defined Benefit & Cash Balance plans for certain clients.

We’ve summarized the major changes to the tax law in an easy to understand infographic you can share with your clients.

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