Tax Reform

Below are some highlight of the new tax reform and how it may impact you. Changes have been made to both individual and corporate tax rates, these are set to expire by the end of 2025. Most of the corporate changes provisions are permanent and will not expire. The nonpartisan joint committee claims the deficit will increase by 1.46 trillion over the next decade. There are seven tax brackets ranging from 10, 12, 22, 24, 32, 37 percent. The standard deduction has doubled but the personal exemption is gone. This will not be good for larger families. Example a family of 5 filing married gets [...]