New Tax Law
The President signed the new tax bill yesterday (22 Dec 2017) and it is now law. So far I have found three articles that give useful details about the new law. I recommend that everyone read all three articles.
34 Details About the Law
From CNN Money on 22 Dec 2017
It is important to note that the changes for corporations are permanent, but those for individual returns are good for only eight years, unless renewed by Congress.
Details About the Timing of Changes
From The Washington Post on 22 Dec 2017
The new law takes effect on 1 January 2018, but the Obamacare individual mandate does not end until 1 January 2019. So if you have not had health insurance and you plan to continue to have none, you will likely have tax penalties related to this to be paid with your 2017 and 2018 returns. Those penalties will not be incurred for tax years 2019 through 2025.
Things That Could Reduce Your 2017 Taxes
If you will be able to itemize deductions on your 2017 return, you might be able to lower your 2017 taxes by paying in extra money in 2017 for property taxes, state income taxes and charity. The most workable of these three is to make more charitable payments, as they will be deductible on your Schedule A, even if you are subject to AMT tax on your property tax and state income taxes.
© 2017 by Ron Chester - ALL RIGHTS RESERVED