11 New Tax Deductions and Reductions Under the New Tax Law
The much-talked-about Tax Cuts and Jobs Act (TCJA) went into effect on January 1, 2018, and it could mean big savings for you down the road. Here’s how.
You’ll want to consult a professional
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Many of these new provisions are set to expire in 2025, Howell tells us, and some expire even sooner. “So planning for the next eight years may be different from the eight years afterward.” Also, please note that when you file your 2017 taxes, you will be doing so based on the current tax law and not the TCJA, notes Wilson. Finally, remember that this article isn’t intended as tax advice, but rather as a summary of the changes under the new law. Financial planning and tax decisions should be made based on a thorough reading of the TCJA or consultation with a professional.
But note: There are some things your accountant won’t necessarily tell you.