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Gregory L Buhrow CPA PC

Address: 10945 Estate Lane

             Suite 212

    Dallas TX  75238-2317

Info:  glbcpa@gmail.com

Tel:  214.327.0700

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Tax Reform Watch
Highlights of the Tax Cuts and Jobs Act

Click here to download a pdf of these highlights

Individuals

Medical expense deduction – 7.5% for 2018; 10% for 2019 and afterwards


SALT (State and Local Tax) maximum - $10,000 for all


Mortgage interest deduction - $750,000 mortgage debt limit for interest; home equity
interest discarded


Casualty loss – only federally declared disaster area


Charitable contributions – 60% of AGI; mandatory Contemporary Written
Acknowledgement (CWA) from the charity for contributions of $250 or more

 

Miscellaneous itemized deductions – no longer deductible; Lost deductions:


Employee business expenses
Investment expenses
Tax return preparation fees

 

Qualified business income deduction – 20% of pass-through income with limits


Child Tax Credit – increased amount; children must have SSNs


Other Dependents Credit – new $500 credit for qualifying relative


Moving expenses – only for military


Kiddie Tax – taxed at trust rates instead of parent's rate


Alternative Minimum Tax – higher threshold


Affordable Care Act – individual responsibility payment repealed in 2019 forward

Businesses

Depreciation – 100% bonus and higher Section 179 limits


Business interest – limited unless revenues less than $25 million


UNICAP – exemption if revenues less than $25 million; cash method; need to file Form 3115 to elect a Change in Accounting Method


Net Operating Loss – no carryback; maximum of 80% of taxable income


Meals & Entertainment – no more entertainment expenses; meals 50% deductible

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