By Wes Lyon, CPA, CFP^®

The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, was enacted to lower corporate income tax rates to keep businesses and their profits in the United States. The 20% Qualified Business Income Deduction was added to provide similar tax relief to dental practices and other small businesses.

Also included in the law were slightly lower income tax brackets for most Americans, paid for with a $10,000 limit on state and local taxes (SALT) that can be included as part of your itemized deductions. The TCJA is set to expire on December 31, 2025, meaning tax law changes are imminent next year.