New Tax Law, 12-22-17

Here are links to the new tax bill, just signed into law. Many of the new rules are effective in 2018.

for individuals

https://www.thetaxadviser.com/news/2017/dec/tax-reform-bill-changes-for-...

for businesses 

https://www.thetaxadviser.com/news/2017/dec/tax-reform-bill-changes-for-...

Here is a link to the entire text of the New Tax Law

https://www.congress.gov/bill/115th-congress/house-bill/1/text

One major change is the deletion of deductions for personal exemptions & an increase in the standard deduction. There are also 2018 limitations on deducting state taxes, mortgage interest, and other itemized deductions. 

Please see my earlier tax planning blogs for paying state taxes & charitable deductions now, in order to deduct them in 2017. This can be even more important, if you cannot itemize deductions next year due to the above changes.

Please note that at this time, the State of Oregon indicates that you cannot prepay either property taxes assessed next year or 2018 state income taxes, even if you pay them in 2017.

 https://secure.sos.state.or.us/oard/viewSingleRule.action?ruleVrsnRsn=19204

https://www.thetaxadviser.com/news/2017/dec/tax-deduction-for-prepaying-...

Have a great & safe New Year! Garland