Tax Cut and Jobs Act Update
As of right now this is the best explanation I have on the new tax law. Continue checking back for updates. If you would like the bill click on the Tax Update Button
- Delay income until 2018
- Accelerate deduction in 2017 i.e. Property Taxes, prepaid interest
- Charitable deductions - Consider making your donations before December 31.
- Assets qualifying for bonus depreciation, it might be better to wait until 2018 to purchase. Bonus depreciation may be 100%. This would be for new and used assets. I am not clear yet if that made it through committee