Kristine Tidgren from the Iowa State Center for Ag Law and Taxation joined me on a recent episode of the Ag Law in the Field Podcast to discuss the ins and outs of the recently passed Tax Cuts and Jobs Act. On the podcast, we walk through some personal taxation changes like decreases in tax rates, doubling the standard deduction, and elimination of various deductions for those that itemize. We briefly cover changes made to the federal estate tax. Finally, we hit on some major (and complicated!) modifications for corporate tax filings.
A couple of important points we tried to note are that although there are general expectations about how most people’s taxes may decrease, that may not be the case for everyone and the old lawyer’s favorite phrase of “it depends” applies! Also, many of the provisions are not going to really apply until folks file their 2018 taxes in 2019. Finally, many of these provisions will phase out in 2025 and all provisions are only as “permanent” as the next Congress.
At the end of the day, the best thing for folks to do is be in contact with an accountant or tax professional to be sure they are clear on how these changes may impact their operation and to determine what changes may need to be made given the new laws.
You can listen to Ag Law in the Field Podcast on your favorite podcast app, or by clicking here.