The newly released proposed tax act, referred to as the “Tax Cuts and Jobs Act,” came with a few surprises and some not so shocking proposals.
Because the document is 429 pages long, several people have (understandably) asked for quick reference lists of items they find important.
Here is one of those lists that shows items eliminated under the proposed act:
- Recharacterization of Roth IRA Contributions
- Alternative Minimum Tax (AMT)
- Rehabilitation credit for historic buildings
- Work opportunity credit for hiring employees for certain disadvantaged groups
- New markets tax credit for investments in struggling areas
- Tax credit for adoption
- Tax credit for employer-provided child care
- Beginning in 2024, repeal of the federal estate and GST tax
- No More Deductions for…
– Student-loan interest
– Moving expenses
– Itemized medical expenses
– Additional standard deduction for the elderly
*Of course these are just “proposed” changes. We will be keeping an eye out and bringing you the final changes when they happen.