* Qualified small businesses can exclude 20% of their income from federal income tax.
* The state and local tax deduction is capped at $40,000 for most taxpayers.
* There is a new tax deduction for many seniors to offset the tax on social security benefits.
*Qualified tip income is no longer taxed.
*Qualified overtime wages are no longer taxed.
*There is a new deduction for car loan interest for cars purchased that were made in the United States.
Please consult with Brover & Associates for additional details.
