As you are aware, there have been sweeping changes to the tax code. We at Johnston, Allison & Hord want to ensure that your personal and business planning is responding efficiently to these new laws. Below you can find a summary of key changes. This summary is intended to aid you as you assess the impact on your particular situation. Some things to keep in mind during your review include:
- Income tax rates have changed for all types of tax payers at all income levels.
- Deductions and credits for both individuals and businesses have changed significantly, and will warrant a review of expenditures.
- The new 20% pass-through deduction and the new 21% corporate tax rate should trigger a review of existing business structures and income streams.
- Accounting changes may impact the type and timing of investment decisions.
These broad planning concerns will likely lead to specific questions as you consider how this new tax framework applies to you. We at Johnston, Allison & Hord look forward to providing any assistance you need during this time.
Click here to read more about changes that may affect you.