On 12/22/2017, the Tax Cuts and Jobs Act was signed into law. Most of the provisions take effect in 2018, but a few take effect in 2019. A summary of the bill's tax provisions are provided below. The full bill can be viewed HERE.

• replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with a different seven brackets (10%, 12%, 22%, 24%, 32%, 35%, and 37%),
• increases the standard deduction,
• repeals the deduction for personal exemptions,
• increases the child tax credit,
• temporarily reduced the medical expense deduction floor from 10% to 7.5%,
• limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $750,000 (currently $1 million),
• limits the deduction for state and local income or sales taxes not paid or accrued in a trade or business,
• temporarily suspends miscellaneous itemized deductions,
• temporarily suspends the overall limit on itemized deductions,
• temporarily suspends the deduction for moving expenses,
• Repeals the deduction for alimony payments

• reduces the corporate tax rate from a maximum of 35% to a flat 21% rate,
• reduced the dividends received deduction,
• increases the maximum Section 179 expense to $1,000,000 (currently $500,000)
• reduction of Section 179 expense occurs when Section 179 property placed into service during the year exceeds $2,500,000 (currently $2,000,000),
• qualified real property is now considered Section 179 property,
• increases the depreciation limits for luxury automobiles and personal use property,
• modifies the net operating loss deduction,
• repeals the deduction for income attributable to domestic production activities