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

Tom Brady’s Decisions Tell Us A Lot About #RetirementPlanning https://t.co/usYjHelKJX

6:01 PM 7 February 2023

Dedicated DB@ DedicatedDB

What are the 9 typical client situations that we see with Defined Benefit plans? https://t.co/7NEmXAod6b

8:59 PM 6 February 2023

Dedicated DB@ DedicatedDB

Clients are 'overwhelmed' by retirement planning. Here's why. https://t.co/Dnkak4Ow0p

7:59 PM 6 February 2023

Dedicated DB@ DedicatedDB

What are the top questions about Defined Benefit plans? See our frequently asked questions. https://t.co/rPqYz8oAmc

8:58 PM 2 February 2023

Dedicated DB@ DedicatedDB

How can you save your retirement plan from falling apart? https://t.co/xBeRjY2xdl

7:59 PM 2 February 2023

Dedicated DB@ DedicatedDB

How long does it take to set up a Defined Benefit #retirement plan? Learn about this and more in our FAQs. https://t.co/rPqYz8o2wE

7:59 PM 27 January 2023

Estimate contribution and deduction with our DB calculator Try it now