Insight by NITP, Inc

How recent changes to tax law affect you in the future

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Insight by NITP, Inc

March 19, 2018 – Host Bob Leins welcomes Tom O’Rourke, Esquire to talk about the good and bad news regarding recent tax law changes.

 Your 2017 Tax Return

  •  Are there any available options to reduce my 2017 tax liability?
  • What should I do if I can’t complete my tax return by the April 17 deadline?
  • What should I do if I owe taxes and can’t afford to pay?

How does the recently passed tax law affect my tax obligations in the future?

 The Good News

  • Increased standard deduction
  • Lower rates
  • The home sale exclusion remains available
  • Increased AMT exemption
  • Business income tax breaks

The Bad News

  • Limits on Deductibility of interest and taxes
  • Elimination of miscellaneous itemized deductions
  • Elimination of moving expense deduction
  • Elimination of casualty loss deduction
  • Elimination of personal exemption

It Depends

  • Tax treatment of alimony
  • It is advisable to double check your withholding

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