The Tax Cuts and Jobs Act (TCJA) of 2017 has been called the most extensive tax legislation in more than 30 years. It certainly is far reaching; covering individual and business income taxes and estate taxes. The new law has many tax saving opportunities as well as possible pitfalls.
Trying to grasp everything in the TCJA can be overwhelming. Therefore, it is best not to panic; do not rush into tax-motivated actions due to gossip or opinions you hear. There is no need to act rashly this early in the year.
That said, it is important to understand what is in the TCJA and what it might mean to you. Be sure to continue to check back to our articles; we will keep you posted throughout the year as uncertainties are addressed and new strategies emerge. Of course, if you have questions about the TCJA and possible planning tactics, please call our office for a personalized response.