Posts Tagged "TCJA"
2017 TAX REFORM BUSINESS LAW CHANGE HIGHLIGHTS
2017 TAX REFORM CHANGES AFFECTING BUSINESSES Overview of TCJA Changes Affecting Businesses For businesses, highlights of the TCJA include: (1) an increase in amounts that may be expensed under bonus depreciation and Section 179; (2) a 21 percent flat corporate tax rate; (3) a new business deduction for sole proprietorships and pass-through entities; and (4) […]
2017 TAX REFORM CHANGES AFFECTING INDIVIDUALS
2017 TAX REFORM CHANGES AFFECTING INDIVIDUALS Tax Rates and Brackets. TCJA provides seven tax brackets, with most rates being two to three points lower than the ones under present law (the top rate goes from 39.6 percent to 37 percent). The top rate kicks in at $600,000 of taxable income for joint filers, $300,000 for […]
