Personal & Business Taxes
481(a)
- Corporate tax rate 21%
- 199A Qualified Business Income deduction of 20%
- Net operating losses limited to 80% of taxable income
- New mortgage interest deduction limits: loans prior to 12/16/17 Grandfathered in
- State income tax, property tax, and sales tax limited to $10,000
- Alimony deduction and income after 12/31/18, previous decrees Grandfathered in
- 20% deduction on pass-through entities, Sec 199A, for investments on cooperative company dividends and REIT
- Child and family tax credit increased to $2,000 with $1,400 refundable and for dependents over 17, there is a $500 tax credit
- 529 Education Plans now eligible for use to pay private school K-12, as well as college. Up to $15,000 per year per child