Another benefit to the "rich" that comes out of this bill is the change to what is called the "Estate Tax" - this is paid when an individual passes away and is based on the total value of their estate - large assets like homes, cars and personal assets such as collectibles and furniture, as well as cash, securities, etc are all part of someone's estate.
The "Estate Tax Exclusion" amount doubled as part of this tax reform, which is of great benefit to America's wealthiest taxpayers - it can literally save them millions, but means very little to most of us.
Give us a call at LCI Taxes to discuss any of the provisions of the new tax act or to schedule your appointment to have your tax return prepared by our tax professionals! 386-586-3976
Chris Kocher CPA