Impact of the Tax Cuts & Jobs Act on Individuals
All individuals are impacted by the Tax Cuts & Jobs Act differently, but there are some key changes in deductions and reimbursements that taxpayers should be aware of.
In this installment of Expertise Coordinated, David Blasko, a principal-in-charge at HBK, answers common questions asked about the Tax Cuts & Jobs Act.
How has the Tax Cuts & Jobs Act impacted travel, meal and entertainment business deductions?
“Entertainment is now zero percent deductible,” Blasko answers. “Business meals are still 50% deductible.”
What’s the biggest impact of the Tax Cuts & Jobs Act on individual taxpayers?
“Changing in the refunds,” Blasko says. “One of the things the tax law did was increase people’s net take-home pays.”
To learn more about how the tax law is impacting taxpayers, watch the video above.
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