Tax Cuts and Jobs Act plays into year-end planning

Year-end tax planning now must adhere to the Tax Cuts and Jobs Act that made major changes in tax rules for individuals and businesses across Arizona and the country.

For individuals there are new, lower income tax rates, a substantially increased standard deduction, severely limited itemized deductions and no personal exemptions, among other changes. For businesses, the corporate tax rate is cut to 21 percent, the corporate AMT is gone and there are significantly liberalized expensing and depreciation rules.

Individual tax planning still requires a review of each taxpayer’s particular situation. Learn more about these insights at Thomson Reuters.

– William Bandi, CPA