The Tax Cuts and Jobs Act reduced the limit on the mortgage interest deductions from mortgages of $1 million down to $750,000 for new home loans originated after December 15, 2017. (Home loans originated on or before this date remain subject to the prior $1 million cap.) The change—whi...
On December 20, 2017, the U.S House of Representatives and. Senate passed H.R. 1, “[a]n Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (referred to hereinafter as the “Tax Cuts and Jobs ...
The Tax Cuts and Jobs Act of 2017 (TCJA)[1]made many changes to U.S. tax law. However, many of those changes included sunset provisions that will cause them to expire at the stroke of midnight on January 1, 2026, unless Congress acts to extend them.[2]Following is...
The Tax Cuts and Jobs Act of 2017 supersized the standard deduction through 2025. Unless your total deductions supersede this year's standard deduction, itemizing isn't worth the effort. That doesn't mean you shouldn't give to charity — just that filing out the extra forms won't get you...
The Trump-eraTax Cuts and Jobs Act (TCJA) of 2017lowered tax rates across the board. The legislation is slated to expire if Congress doesn’t act to extend it or pass a new tax bill. Given the division within the current Congress, the passage of a similar bill or expansion is unlikel...
Most changes from the Tax Cuts and Jobs Act took effect on January 1, 2018 and are slated to sunset after December 31, 2025. However, there are a few provisions from the new tax law that have a 2019effective dateand some are retroactive. ...
The Tax Cuts and Jobs Act made some major changes to the U.S. tax code when this tax reform law passed in 2017. Some of those changes are likely to.
Yet the possibility of reform is always present. If Congress does not extend the provisions of 2017’s Tax Cuts and Jobs Act, they will sunset at the end of 2025. One of these provisions is the current level of the lifetime exemption amount. If lawmakers do not intervene, in 2026 the...
On Friday December 22, 2017, President Trump signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the U.S. federal income tax laws in over three decades, and it will have an effect on every U.S. taxpayer, in...
As a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”), the alternative minimum tax (“AMT”) has affected less taxpayers than in past years, so some of the tax strategies utilized in prior years will no longer be applicable. The key factors you should consider when identifying st...