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Tax Cuts and Jobs Act of 2017: What Taxpayers Need to Know

On December 20, 2017, the U.S. House of Representatives and U.S. Senate passed the Tax Cuts and Jobs Act of 2017 (the act or TCJA). The legislation makes significant changes to the Internal Revenue Code (IRC), including individual, corporate, and gift and estate taxation. The following piece highlights important changes affecting you and suggests potential strategies to employ prior to year-end. Individual income tax changes Although the act maintains seven tax brackets, these brackets will change. Current tax rates New tax rates under the TCJA In addition to the changes made to the tax brackets, many exemptions and deductions for individual income tax will be repealed or modified. The perso

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