The Tax Cuts & Jobs Act created a major impact for individuals and businesses: The Corporate Tax Rate Drops. Individual tax payers get new standard deductions. But, many personal deductions were eliminated or limited.
This includes items like alimony, mortgage interest, investment fees and many others. There is a silver lining though: Surprisingly, TCJA increased the value of Defined Benefit & Cash Balance plans for certain individuals.
We’ve summarized the major changes to the tax law in this revealing infographic.