As you may have heard the president signed into law The Tax Cuts and Jobs Act of 2017. This has been heralded as the largest sweeping tax change since 1986. The changes primarily go into effect for 2018 and forward. Your 2017 income tax returns will still be filed under the rules that were in effect before the act was placed into law. There are two changes that will affect your 2017 returns. For business owners, Assets purchased after September 27, 2017 will be eligible for 100% bonus depreciation. For individuals, the percentage threshold for medical expense itemized deductions is now 7.5% for all taxpayers.
As always, check with your tax professionals at Ketel Thorstenson on these or other tax matters. KTLLP wants to make sure you understand the tax implications of individual and business decisions before you make them.