If you were not able to attend our 2017 U.S. tax reform presentation with Tariq Dennison of GFM Asset Management and American Pacific Tax on January 22, 2018, here’s a brief summary of the main points we covered:
– Individual income tax rate changes beginning in 2018.
– Increase in standard deduction and elimination of personal exemptions beginning in 2018
– Limitations of certain itemized deductions beginning in 2018
– State and local taxes limited as itemized deductions beginning in 2018
– Reduction in corporate tax rates to 21% beginning in 2018
– One time tax on offshore profits affecting tax years beginning in 2017
– New deduction for pass-through income beginning in 2018
– Changes in the estate, gift and GST provisions beginning in 2018
Please be sure to contact us if you would like to know more about the above tax changes of if you need help with your US taxes.
As we mentioned during our presentation, this was the most significant tax change in more than 30 years and we summarized a few main points. There are areas of the tax reform that we may not have covered or may have been general at times, so please obtain appropriate tax advice before taking any action that would affect your individual situation.