Impact of the Tax Cuts and Jobs Act on Individuals and Pass-Through Income

As has been widely reported, the recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package with extensive changes to federal tax law on a scale not seen in several decades. In this communication, we will focus on the impact of the TCJA on individuals and pass-through income.

Overview of Provisions of the TCJA Affecting Individuals
This article looks at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025. Read the full article.

Overview of the Provisions in the TCJA on Partnerships, S Corporations, and Pass-Through Income

This article provides an overview of the provisions in the TCJA that affect the tax treatment of pass-through entities and pass-through income. In general, they are effective starting in 2018. Read the full article.

New 20 Percent Deduction for “Qualified Business Income” Under the TCJA

“Qualified business income,” sometimes referred to as “pass-through income” is a significant new tax deduction taking effect in 2018 under the new tax law. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship. Read the full article.

Hood & Strong is Here to Help

We encourage you to work with Hood & Strong’s tax professionals to understand how the Tax Cuts and Jobs Act affects you. Please contact your trusted Hood & Strong advisor, or call (415) 781-0793.

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