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The Tax Cuts and Jobs Act: The New Provisions and How to Prepare Your Individual and Business Income Taxes

The Tax Cuts and Jobs Act was signed into law on December 22, 2017 by President Donald Trump. Changes to individual income taxes include lowered tax brackets, increased Alternative Minimum Tax thresholds and higher estate, gift and generation skipping tax exemptions. For businesses, changes include a reduced corporate tax rate and the repeal of the Corporate Alternative Minimum Tax.

Here is a summary of provisions, year-end planning opportunities and tips for how to start planning ahead for 2018 and beyond.

What the Tax Bill Means for Individuals

How the Bill Impacts Businesses

Year-End Planning Opportunities

Before the end of the year, some individuals may still be able to take advantage of some last minute planning opportunities.

Future Planning Opportunities

As more detail and regulations come out consider ongoing planning opportunities:

We will continue to monitor updates to the Tax Law and will provide a more detailed alert on the new business income tax provisions and future planning strategies for businesses.

For questions, contact:

Gerald Dunworth
gjdunworth@gibney.com

Meredith Mazzola
mmazzola@gibney.com