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Tax Updates

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (The Act) made the most significant changes to the tax laws in over 30 years. The Act significantly reduces both individual and corporate tax rates beginning in 2018

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Itemized Deductions, Standard Deduction, and Exemptions

Under the Tax Cuts and Jobs Act (P.L. 115‐97), the value of the dependency exemption was reduced to zero and replaced with a larger standard deduction. While the Act eliminated the tax savings related to the dependency exemption deduction, the rules related to the parent eligible to claim the deduction remain in place.

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Qualified Business Income Deduction

The Tax Cuts and Jobs Act of 2017 added IRC 199A. This section provides individuals a tax deduction equal to 20 percent of business income.

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