How Does the New Tax Reform Law Affect You?

Earlier this month the President signed a $1.5 trillion tax cut known as H.R. 1 into law and financial advisors have been scrambling to provide their customers with detailed information on the tax implications associated with this new piece of legislation. With the exception of some changes to medical expense deductions your 2017 taxes will be unaffected by this new law, but beginning on January 1, 2018, all of your business will fall under these new rules. Please consult with a tax expert to understand how your taxes may change under this new law, and what you may need to do in order to take advantage of the changes.

Several of the largest accounting firms have provided insight to their customers and Secretary / Treasurer Frank Hatcher recommends that you begin by reading the following document, prepared by PricewaterhouseCoopers for Morgan Stanley.

An Overview of the 2017 Tax Legislation: Impact to Individuals” (PricewaterhouseCoopers – PDF)

Read the New Law

The New Signed Law, Known as H.R. 1 – (Congress.gov – PDF)

Additional Resources on the Web

Tax reform legislation signed into law in 2017 (PricewaterhouseCoopers – website)

U.S. Tax Reform – H.R. 1 signed into law (KPMG – website)

Income Tax Reform Updates (efile.com)

Tax Reform Changes That Impact Your 2017 Taxes (Intuit.com)

The Tax Cuts and Jobs Act (H.R. 1) (House Ways and Means Committee)

34 Things You Need to Know About the Incoming Tax Law (CNN.com)

What Tax Reform Means For Small Businesses & Pass-Through Entities (Forbes.com)

Senate passes tax reform bill: Here’s how it affects you (FoxNews.com)

The Trump Tax Calculator (Marketwatch.com)

Homeowners Rush to Prepay 2018 Property-Tax Bills (Wall Street Journal – paywall)

Please note that Local 479 cannot provide you with tax advice.

If you need help please consult a financial advisor or a tax professional.