Tax Cuts and Jobs Act Impact - Guide to Exceeding the Standard Deduction

Tax Cuts and Jobs Act Impact - Guide to Exceeding the Standard Deduction

by CCH

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Product Details

ISBN-13: 9780808050018
Publisher: CCH Inc.
Publication date: 06/15/2018
Pages: 100
Product dimensions: 5.00(w) x 1.26(h) x 9.00(d)

Table of Contents

Chapter 1 Computing the Tax

¶1.01 The Tax Formula 1

¶1.02 Individual Income Tax Rates 1

¶1.03 Annual Inflation Adjustment of the Tax Rate Schedules 4

¶1.04 Standard Deduction 5

¶1.05 Inflation Adjustment 8

¶1.06 Personal Exemption Deduction for Taxpayer, Spouse and Dependents 9

¶1.07 Filing Requirements 11

¶1.08 Unearned Income of a Minor Child 12

¶1.09 Reducing the Kiddie Tax 17

¶1.10 Paid Preparer Due Diligence Requirement for Head of Household Status 18

¶1.11 Repeal of Deduction for Alimony Payments and Corresponding Inclusion in Gross Income 18

¶1.12 Repeal of Deduction for Moving Expenses 19

¶1.13 Educator Expenses 19

¶1.14 Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement 21

¶1.15 Alternative Minimum Tax (AMT) for Individuals 21

¶1.16 Net Operating Losses 23

¶1.17 Individual Health Insurance Mandate under the Affordable Care Act 24

¶1.18 Taking Advantage of Tax Rate Differentials 26

Chapter 2 Deductions from Gross Income and Itemized Deductions

¶2.01 Reduction in Adjustments to Gross Income 27

¶2.02 Repeal of Overall Limitation on Itemized Deductions 28

¶2.03 Medical Expense Deduction 28

¶2.04 Deduction of State and Local Taxes by Individuals 34

¶2.05 Home Mortgage Interest 38

¶2.06 Charitable Contribution Deductions 40

¶2.07 Itemized Deduction for Casualty Losses 43

¶2.08 Gambling Losses 45

¶2.09 Miscellaneous Itemized Deductions 46

¶2.10 Tax Preparation Expenses 47

¶2.11 Unreimbursed Expenses Attributable to the Trade or Business of Being an Employee 47

¶2.12 Other Miscellaneous Itemized Deductions Subject to the Two-Percent Floor 48

¶2.13 Phaseout or Overall Limitation on itemized Deductions (Pease Limitation) 50

¶2.14 Planning Pointers 52

Chapter 3 Tax Credits

¶3.01 Tax Credit 59

¶3.02 Refundable vs. Nonrefundable Tax Credits 59

¶3.03 Dependent Care Tax Credits 60

¶3.04 Tax Credits for Higher Education 63

¶3.05 Restrictions on Double Tax Benefit 64

¶3.06 Child Credit 65

¶3.07 Credit for the Elderly 69

¶3.08 Earned Income Credit 71

¶3.09 Claiming the EITC in Error Can Have Lasting Impact 73

¶3.10 Maintaining the Earned Income Credit with the Aid of a Transient Child 73

¶3.ll Energy Tax Credits 74

Chapter 4 Individual Income Exclusion

¶4.01 Income and Exclusions 75

¶4.02 Exclusion for Qualified Moving Expense Reimbursements Suspended, Except for Armed Forces 76

¶4.03 Moving Expense Deduction Eliminated, Except for Certain Armed Forces Members 76

¶4.04 Exclusion for Qualified Bicycle Commuting Reimbursement Suspended 77

¶4.05 Exceptions to Life Insurance Transfer-for-Value Rule Does Not Apply to Life Settlement Transactions 77

¶4.06 Exclusion for Discharge of Certain Student Loans Is Broadened to Include Discharges on Account of Death or Disability 79

Chapter 5 Qualified Business Income Deduction

¶5.01 General Rule 81

Chapter 6 Cost Recovery, Section 179 And Bonus Depreciation

¶6.01 Code Section 179 Expensing of Depreciable Assets and Tangible Property 87

¶6.02 Pre-Adjustment Code Sec. 179 Limits Increased to $1 Million (Annual Limit on Expensing) and $2.5 Million (Annual Phase-Down Threshold on Investment) 92

¶6.03 Bonus Depreciation (Additional First Year Depreciation) 94

Chapter 7 529 Plans, ABLE Programs and Other Educational Programs

¶7.01 529 Plans 101

¶7.02 ABLE Accounts for the Disabled or Blind 103

Chapter 8 Capital Gains

¶8.01 Maximum Rates on Capital Gains 105

¶8.02 Tax Planning 106

¶8.03 Timing of Section 1231 Gain 107

Chapter 9 Accounting Method Changes Affecting Small Businesses

¶9.01 Tax Accounting Restrictions of Cash Method Taxpayers 111

¶9.02 Advance Payments 118

Chapter 10 Comprehensive Problems and Strategies

¶10.01 Summary of Changes 121

¶10.02 Sample Tax Calculations and Strategies 122

Appendix: Selected Code Sections Affected by the Tax Cuts and Jobs Act 133

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