The passing of the Tax Cuts and Jobs Act results in significant tax reform that impacts nearly every American. This course will provide a comprehensive overview of the changes impacting individuals and families as well as critical financial planning considerations and strategies.
Basic Functional Changes: Increased standard deduction, removal of personal exemption, and inflation adjustments Reform of Individual and Family Tax Credits: Child tax credit, elderly and permanently disabled, repeal of electric and plug in motor credit and higher education credit reform
Individual Items: Loss limitations for taxpayers other than corporations; Repeal of deduction of student loan interest, and qualified tuition; Repeal of exclusion of interest on US savings bonds for higher education; Repeal of deductions for Alimony; Termination of deductions for medical savings accounts; and, Repeal of exclusion of adoption assistance programs
Itemized Deductions: Repeal of overall limitation of itemized deductions; Modifications to home interest deduction; Modification of taxes paid, not from a trade or business; Modifications to charitable contribution limitations; Repeal of various miscellaneous deductions, especially 2106; and, Repeal of deduction for medical expenses (after 2018)
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