November General Membership Meeting: Tax Reform

  1. Standard deduction has doubled. It is now $12,000 for single or $24,000 for married filing jointly.
  2. Health insurance is still required but the penalty has been eliminated.
  3. Mortgage interest deduction is retained, but acquisition indebtedness limitation reduced to $750k on debt incurred after 12/15/2017.
  4. Entertaining clients is now non-deductible.
  5. The time to talk to a tax advisor is now! Do not wait until January to put a plan in place for the new tax law.