Tax Deductions Impacted by New Tax Law

25th Jun 2018

Infographic on tax deductions

Many tax deductions will disappear or be reduced in 2018 because of the new Tax Cuts and Jobs Act (TCJA), affecting high-income self employed and small business owners who have used these deductions in the past. As corporate tax rate drops to 21% and tax deductions such as alimony, mortgage interest, investment fees are eliminated, there are more limitations for clients who need a large tax deduction.

There is a silver lining though: Surprisingly, TCJA increased the value of Defined Benefit and Cash Balance plans for certain individuals.

We’ve summarized the major changes to the tax law in this informative infographic. If you’re high income self employed or a small business owner, a defined benefit or cash balance plan may work for you.




Dedicated DB@ DedicatedDB

What does a TPA do when it comes to Defined Benefit plans?

3:47 AM 24 September 2022

Dedicated DB@ DedicatedDB

How Congress can turbocharge #smallbusiness retirement savings.

3:35 AM 24 September 2022

Dedicated DB@ DedicatedDB

Who are the 9 typical clients who open Defined Benefit #retirement plans?

3:14 AM 24 September 2022

Dedicated DB@ DedicatedDB

Here are 5 ways #smallbusinessowners can start preparing for retirement.

3:12 AM 24 September 2022

Dedicated DB@ DedicatedDB

Learn why we're the “go-to” experts on retirement plans for small businesses and the self-employed.

3:17 AM 23 September 2022

Dedicated DB@ DedicatedDB

What adjustments should I make to my retirement savings?

3:05 AM 23 September 2022

Estimate contribution and deduction with our DB calculator Try it now