New tax laws mainly focus on 2018 taxes, which will be filed in 2019. 2017 taxes, which you are filing now, are not impacted for most filers. There are a few examples where 2017 taxes may be affected that you can learn about at the TurboTax Tax Reform Center.
You can estimate your tax refund at any time with TaxCaster. It’s up-to-date with the latest tax laws and can estimate both your current and future year taxes. This free tax return estimator tool accurately forecasts your federal income taxes to show how much you may get back or what you may owe.
Tax
Reform and What it Means for You Click here for more details on tax reform.
Changes specific to business owners:
The bill has a myriad of changes for business. The biggest includes a reduction in the top corporate rate to 21%, a new 20% deduction for incomes from certain type of “pass-through” entities (partnerships, S Corps, sole proprietorships), limits on expensing of interest from borrowing, almost doubling of the amount small businesses can expense from the 2017 Section 179 amount of $510,000 to $1,000,000, and eliminates the corporate alternative minimum tax (AMT).
Business income that passes through to an individual
from a pass-through entity and income
attributable to a sole proprietorship will be taxed at individual tax rates
less a deduction of up to 20% to bring the rate even lower.
