Big Tax Changes

We plan to address the new 2017 Tax Act changes in a couple of ways. Below is a summary of many of the major provisions, both for businesses and individuals. Later, we’ll take a closer look at some practical steps you should consider in light of the new tax law. First, the corporate rate cuts are significant. The 2017 tax act provides for a 21% flat corporate tax rate. Businesses conducted as sole proprietorships, partnerships, or S corporations are subject to a special deduction under the 2017 tax act beginning in 2018. Business Deductions and Credits Section 179 Expensing: The […]