Last year, most of the provisions of the massive Tax Cuts and Jobs Act (TCJA) went into effect. They included small income tax rate reductions for most individual tax brackets and a substantial reduction for corporations. The TCJA also provided a large tax deduction for owners of pass-through entities, doubled the standard deduction and child credits, and significantly increased exemptions for the individual alternative minimum tax (AMT) and the estate tax.
But it wasn’t all good news for taxpayers.
The TCJA also eliminated or limited many tax breaks, and much of the tax relief provided is only temporary (unless Congress acts to make it permanent). What does this all mean? Tax planning is as essential as ever.
This guide provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to work closely with your tax advisor to identify the best strategies for your particular situation.
Please click the image below to download our 2019-2020 Tax Planning Guide:
This article is intended for educational purposes only and is not a substitute for obtaining competent accounting, tax, legal, or financial advice from a certified public accountant, attorney, or other business advisors. You should not act upon any of the information in this article without first seeking qualified professional guidance from your business advisors on your specific circumstances. The information presented should not be construed as advice or guidance from BFBA.