Last year, most of the provisions of the massive Tax Cuts and Jobs Act (TCJA) went into effect. They included small income tax rate reductions for most individual tax brackets and a substantial reduction for corporations. The TCJA also provided a large tax deduction for owners of pass-through entities, expanded the availability of child credits to more higher-income taxpayers, and significantly increased exemptions for the individual alternative minimum tax (AMT) and the estate tax.
But it wasn’t all good news for taxpayers. The TCJA also eliminated or limited many tax breaks, and much of the tax relief provided is only temporary (unless Congress acts to make it permanent).
This guide provides an overview of the most consequential changes under the TCJA and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to work closely with your tax advisor to identify the best strategies for your particular situation. We also will keep you apprised of any new tax law developments that occur this year that might affect you.
2019-2020 Tax Planning Guide