• Standard deduction doubles
  • Personal exemptions eliminated
  • Eliminates some itemized deductions:

  • Miscellaneous deductions are eliminated
  • Real Estate tax, sales tax and state and local taxes capped at 10K
  • Limits mortgage interest to the interest on the first $750,000 of the loan
  • No home equity interest for future home equity loans

  • Moving expense eliminated for all except military
  • Alimony rules changed – no longer taxable or deductible beginning in 2019
  • Medical limitation goes back to 7.5%
  • Keeps:

  • Charitable contributions
  • Retirement savings (IRA’s etc.)
  • Student Loan interest
  • Education credits
  • Repeals the Health Care Mandate but not until 2019
  • Doubles the Estate Tax exemption to 11.2 million (singles)
  • Keeps Alternative Minimum tax but changes the brackets
  • Increases the child tax credit from 1K to 2K with 1.4K refundable
  • Increases the number of people who will qualify for the credit by raising the phase out cap from 110K to 400K
  • Allows parents to use 529 savings plans for tuition at private and religious K-12 schools and to pay expenses for home schooled students.
  • Creates a $500 credit for each non-child dependent. 

II.   Business Changes:

  • Lowers the Corporate tax rate from 35% to 21%.
  • Raises the standard deduction to 20% for pass-through businesses.  This affects sole proprietors, partnerships, limited liability companies and S-Corporations.
  • Limits the ability of Corporations to deduct interest greater than 30% of income.
  • Allows businesses to deduct the cost of depreciable assets in one year instead of amortizing them over several years. (Does not apply to buildings)  This law is retroactive to September 27, 2017
  • Eliminates Corporate Alternative Minimum Tax
  • Allows companies to repatriate money held in foreign cash stockpiles.
  • Allows oil drilling in the Arctic National Wildlife Refuge
  • Retains tax credits for electric vehicles and wind farms.
  • Reduces the deduction for orphan drug research from 50% to 25%
  • Cuts taxes on beer, wine and liquor.

950 Taylor Station Rd Ste J, Gahanna, OH 43230                                                                                              614-471-0500

Tax Law Updates

2017 Tax Year

The changes between the 2016 and 2017 tax year are minor, in comparison to the larger changes on the horizon for 2018 and beyond. If you have specific questions regarding tax year 2017, please reach us by email, or call us at 614-471-0500.

2018 Tax Year (2017 Jobs and Tax Act)

The highlights of the new tax laws are spelled out here and divided into two categories:  Individuals and Businesses.


  • Keeps the 7 tax brackets with lower rates and different amounts inside the brackets