The passage of the Tax Cuts and Jobs Act on December 20th of 2017 brought with it significant changes to the tax code which will begin affecting individual taxpayers starting in 2018. These changes will have varying degrees of impact on virtually all individual taxpayers. One of these changes being the reductions to almost all of the individual tax rates including reducing the highest marginal rate from 39.6% to 37%. In addition, many individuals will be affected by the reduction or elimination of itemized deductions including limiting deductions for state/local income and property taxes to $10,000 per year.

Please be aware that state/local property taxes attributable to carrying on a trade or business or an investment activity engaged in for profit will not be subject to this limitation. In order to help you navigate many of these changes we have attached an easy to follow Reference Sheet for 2018 which incorporates these changes and also details other helpful 2018 information such as IRA and HSA contribution limits, etc.

We hope that this Reference Sheet provides you with the relevant information you are seeking and we ask that as you review this guide and have questions that you reach out to us with those questions.

Click here the to download the pdf.