Tax Reform:
We've got you covered

Tax rates & brackets

• Most taxpayers will see lower rates
• Highest rate drops from 39.6% to 37%
• Bigger exemptions for Modified
 Alternative Minimum Tax (AMT)

State & local taxes

• State and local tax deductions
 capped at $10,000
• No income tax prepayment 
 for 2018 allowed

Home mortgages

• Mortgage interest paid on new loans deductible up to $750,000
 (or existing loans up to $1,000,000)
• Interest from home equity loans is no longer deductible

Families

• Doubles the Child Tax Credit to $2,000
• Adds a $500 credit for other types of
 dependents

Healthcare

• Eliminates the tax penalty for not
 having health insurance (starting in 2019)
• Lowers the floor on out-of-pocket medical expenses to 7.5% for 2017 & 2018

Businesses

(including self-employed)

• New, 20% deduction for small businesses, including sole proprietorships and S corps
• Increases the amount small businesses
 can expense to $1,000,000
• Corporate tax rate decreases from
 35% to 21%