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. 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.