Major Changes happened in Dec 2017 after taking TCJA (Tax Cuts and Jobs Act) into consideration. Both Individual and Businesses got affected by this Tax Reform Act.

Changes occurred in Tax Rates – (Decreases in rate)

Adjustments for Federal Income Tax withholding

Standard Deduction almost got doubled

Itemized things got altered like some of them suspended and limitations cancelled for some of them

Tax Credits got higher values

Moving Expenses claiming is only for Armed and Combat Forces

Limitations on employee business expenses

Limits of Contributions and Distributions of IRA, ABLE accounts have changed

RMD’s (Required Minimum Distribution) for Traditional IRA is mandatory for eligible people

For Businesses it is important to consider Business Structure and Accounting Methods when applying Tax Reform

QBI (Qualified Business Income) deduction is available for many Sole proprietors, Self-Employed individuals, Partners in Partnerships, Shareholders in Share S Corporation and Beneficial owners up to 20% QBI is allowed to deduct