Legal Outlet

2017 Tax Cuts and Jobs Act: Complete Text Plus Comments

Released 20 Dec 2017 Signed into Law 22 December 2017. Easy to read – A full 8 1/2 inches by 11 inches! Large pages, double space, large text. Plenty of white space to write notes. Highlights: Standard deduction has almost doubled for all filers, but personal exemptions have been eliminated. Single or married taxpayers are

Buy Now! $24.95Amazon.com Price
(as of 2:10 am GMT - Details)

Released 20 Dec 2017 Signed into Law 22 December 2017.

Easy to read – A full 8 1/2 inches by 11 inches! Large pages, double space, large text. Plenty of white space to write notes.

Highlights:

Standard deduction has almost doubled for all filers, but personal exemptions have been eliminated.

Single or married taxpayers are not allowed to deduct more than $10,000 of property taxes and state and local income or sales taxes. Some states are considering repealing their income taxes and replacing them with employer-side payroll taxes. Taxes imposed on a business (such as employer payroll taxes) are still deductible under federal law. A business can just write them off their corporate income tax (or individual tax, if the business is a pass-through entity). This would not only totally offset the new limit on deducting state income taxes — it would amount to a sizable tax cut for many middle-class families. Other kinds of income like capital gains, interest, and dividends aren’t hit by payroll taxes. Some states will likely pair the payroll tax shift with a new tax on capital income (similar to how Tennessee and New Hampshire tax interest and dividend income). Some states will join them, perhaps adding capital gains. I predict California, New York, New Jersey, Connecticut and Hawaii will implement this in 2018, followed closely by Maryland and Massachusetts.

Small Business Owners, Freelancers and Contract Workers (Gig Workers) The new law changes the way “pass-through” entities (which pass profits directly to their owners as personal income) are treated in the tax code. Now many will be able to deduct 20 percent of their revenue from their taxable income (20 percent off their taxable earnings).

Alternative Minimum Tax Raises the amount of income that would be exempt from AMT. For singles the exemption level will increase to $70,300, and $109,400 for married couples.

Home Mortgage Interest Deduction. If you take out a new mortgage you will only be allowed to deduct the interest on debt up to $750,000.

Child Care Credit – doubled the current child tax credit from $1,000 to $2,000 per child under age 17.

No Miscellaneous Itemized Deductions.

Moving Expenses – You will no longer be able to deduct moving expenses related to a job change.

Alimony Payments will no longer be deductible expense for divorce after 2017. The party receiving the payments would no longer need to pay tax on the income received.

Why buy a book you can download for free? We print this book so you don’t have to.

First you gotta find a good clean (legible) copy and make sure it’s the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. We look over each document carefully and replace poor quality images by going back to the original source document. We proof each document to make sure it’s all there – including all changes. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it’s just a 10-page document, no problem, but if it’s 494-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour.

It’s much more cost-effective to just order the latest version from Amazon.com

This book is published by 4th Watch Publishing Co. and includes copyright material. We publish compact, tightly-bound, full-size books (8 ½ by 11 inches), with large text and glossy covers. 4th Watch Publishing Co. is a Service Disabled Veteran-Owned Small Business (SDVOSB).

If you like the service we provide, please leave positive review on Amazon.com.

Without positive feedback from the community, we may discontinue the service and y’all can go back to printing these books manually yourselves.

Comments

Write a comment

*

Copyright © 2018 legaloutlet.com. All Rights Reserved. 

%d bloggers like this: