Tax planning

The Tax Cuts and Jobs Act makes major changes to individual income taxation.

President Donald Trump’s planned tax overhaul is likely to boost U.S. economic growth by about a quarter percentage point in 2018, yet it will also dent demand for housing and fail to lower the chances of a recession, according to a Bloomberg News survey.

The House tax-writing committee began four days of work Monday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day.

The House tax-writing committee begins debate Monday on the GOP’s proposed overhaul, kicking off four frantic days for lobbyists and lawmakers to revise a bill that represents President Donald Trump’s final hope for a signature legislative achievement this year.

The tax reform bill introduced by House Republicans doesn’t give the low 25 percent income tax rate for pass-through businesses to accounting firms and other professional service firms, and the rules for getting around it are complicated.

President Donald Trump and congressional Republicans billed their tax overhaul for months as a benefit primarily for the middle class, but what they delivered Thursday was designed more to favor large corporations and some closely held businesses.

The complexities proposed in the Tax Cuts and Jobs Act gives practitioners plenty to talk to their clients about.

A quick look inside the proposed Tax Cuts and Jobs Act

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Until Congress passes tax reform legislation, these tips should help many tax clients.

Who would the changes help — and hurt? Baird’s director of advanced planning weighs in.