U.S Tax Update:
This year marks the first under the new Tax Cuts and Jobs Act (The Act), the biggest overhaul of the U.S. tax system in 30 years that resulted in lower individual income tax rates, a doubled standard deduction and the elimination of personal exemptions.
The Republican tax plan is now the law of the land. These changes to Americans' tax will kick in when you file your 2018 taxes before Tax Day on April 15 in 2019. We’d like to reiterate some key provisions of The Act, and provide insight into some potential tax planning considerations: