Overview of Tax Cuts and Jobs Act (TCJA)

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals and a significant new tax deduction for individuals with “qualified business income,” from a partnership, S corporation, LLC, or sole proprietorship sometimes referred to as “pass‐through income.” Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

Overview of TCJA December 2017