In December 2017, President Trump signed the tax reform bill into Law. This new law makes major revisions to the US tax code for both individuals and business. In fact, the bill represents the most significant tax changes in more than 30 years. In addition to The Tax Cuts and Jobs Act, Congress passed the Bipartisan Budget Act of 2018 which renewed several tax extenders which fell by the wayside when the Tax Cuts and Jobs Act was passed. Tax extenders are temporary tax breaks that can be renewed by Congress.
Renewed Tax Extenders:
- Mortgage Debt Exclusions
- Mortgage Insurance Premiums
- Tuition and Fees Deduction
- Credit for Non-business Energy Property
- Credit for Residential Energy Property
- Credit for new qualified fuel cell vehicles
Tax Law Changes:
The link listed below will direct you to a table listing some of the more recognizable tax laws and the related changes.