TOPICS COVERED

• Tax bracket reductions

• Standard deduction increases

• Elimination of exemptions

• Increase to child tax credit

• Individuals - Itemized Deductions

  • Limitation on state and local tax deductions (SALT)

  • Repeal of miscellaneous (2%) itemized deductions
     

• Businesses - Income & Deductions

  • Passthrough deduction and what it means for the self-employed

  • Expenses related to open houses and entertainment expenses

  • New rules for depreciating automobiles
     

• Mortgage Deductions & Moving Expenses

  • Clarification of deduction for interest on home equity loans

  • New limit for home acquisition indebtedness

  • Moving expenses