Most individual tax provisions are temporary. They expire after 2025. Let’s start with individual taxes. Standard deductions nearly double. The new law pares back many deductions claimed.

• Personal exemptions for individual filers and their dependents no longer exist.
• State and local taxes are being squeezed. Deductions include residential property and income or sales taxed up to a $10,000 cap.
• Taxes paid on rental realty can be taken in full on Schedule E.

Corporate tax changes are made permanent!

Other write-offs are eliminated. Job-related moves, except for the military. All miscellaneous write-offs subject to the 2% of AGI threshold:

• Employee business expenses
• Brokerage and IRA fees
• Hobby expenses
• Tax return preparation costs
• Personal casualty losses eliminated

The charitable contribution write-offs is preserved with some changes:

• AGI limitations on cash donation is hiked from 50% to 60%
• Medical expenses deduction is enhanced
• Temporarily lowered the AGI threshold on Schedule A for 10% to 7.5%

WATCH FOR FUTURE UPDATES!