8221 Brecksville Rd, STE 205 Brecksville, OH 44141
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
(440) 340-1030
INSIDE I Was 9 Months Pregnant and the Government Knocked on the Door … Page 1 Borbala’s Schedule Page 2 Client of the Month: Heather Rhoades Page 2 We’ll Help You Avoid Tax Surprises! Page 3 Roasted Asparagus With Lemon Breadcrumbs Page 3 Tax Cuts and Jobs Act of 2017 Page 4 On December 22, 2017, the president signed theTax Cuts and Jobs Act of 2017 , the most sweeping change to the tax code in 31 years. What effect might the new lawhave on the amount you pay? The Act focuses most of its effort on corporate taxes, with a new flat rate of just 21 percent and various provisions designed tomake American businesses more competitive globally. The law alsomakes several moves in the direction of true“tax reform,”which involves eliminating deductions in exchange for lowering rates. However, the new law gets us nowhere near the dreamof filing taxes on a postcard. Are you curious what might happen to your taxes under the newproposal? Call us at (440) 310-1033 for a free tax analysis.We’ll tell youwhere your opportunities lay and workwith you to takemaximumadvantage of any new rules!
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Tax Cuts and Jobs Act of 2017:
WHAT’S IN IT FOR YOU?
INDIVIDUAL TAXES
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Lower tax rates, cap at 37 percent
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Boost standard deductions to $12,000 Single/$18,000 HoH/$24,000 MFJ
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Eliminate personal exemptions
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Increase ChildTax Credit to $2,000 per child with a much higher phase-out than before
fromproprietorships, partnerships, and S corporations). This is big!
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Limit state/local tax deduction to $10,000
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Allow immediate expensing for non-real estate capital assets
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Limit mortgage interest deduction to $750,000 of loan value (for new loans)
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Eliminated the“entertainment expense” deduction, and there is a debate whether that includes business meals as well. Stay tuned as we learnmore about this!
CORPORATE/BUSINESSTAXES
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New 20 percent deduction for“qualified business income”(pass-through income
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