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Possible Changes From the Tax Cut Bill

The House is about to introduce new legislation for the 2017 tax reform which would make the lower tax rates on individuals permanent (before it was set to end in 2025).

The tax cut bill also benefits small businesses and startups. For small businesses, the bill includes multiple provisions related to retirement savings to make it easier to offer 401(k) plans. For startups, the bill will make it easier to write off their costs.

Sources

For more information, take a look at the Laura Davison and Allyson Versprille’s article.

Learn more from our last tax reform update!