Locations in:

Chicago, Dallas, Grand Rapids

Federal Tax Reform
Dec 27, 2017

Federal Tax Reform

Some Tax Reform Highlights:
• New personal income tax rates
• An increase in the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly
• The elimination of some personal deductions and credits
• The capping of the deductions for state and local taxes (income, sales, and property taxes) at a combined $10,000
• The elimination of personal exemptions
• Changes to education funding
• A doubling of the gift and estate tax exemptions (after 2025 it falls back to the amount under today’s law)

Do not delay year-end planning. Work with your tax advisor to help minimize 2017 and 2018 taxes.