Congress passed the ‘Tax Cuts and Jobs Act’ on December 20th, 2017, sending the bill to President Trump to be signed. There are sweeping changes that will be put into law, affecting businesses and individuals.
One item of immediate attention for your 2017 Form 1040: due to limitations that will be imposed on personal itemized deductions for tax payments with the new laws, it is important to pay property taxes and any Michigan Estimated payments by December 31st, 2017 in order to receive a tax benefit.
Additional details will come as we analyze further. If you have questions about the bill that was passed, please contact our firm.