This week we will take a look at some other parts of the Tax Cuts and Jobs Act that was passed in December. Medical Expenses — Under the new law, for 2017 and 2018, medical expenses are deductible to the extent they exceed 7.5% of adjusted gross income (AGI) for all taxpayers. Previously, the AGI “floor” was 10% for most taxpayers. State and Local Taxes — The itemized deduction for state and local income and property taxes (including personal property and sales tax) is limite

We are still waiting for the House and Senate to reconcile the differences between their two tax reform bills. It is possible that it won’t happen until right before Christmas so I am going to discuss some of the possible changes before then. The Senate bill has seven tax brackets for individuals with rates ranging from 10% to 38.5%. The House bill has four tax brackets ranging from 12% to 39.6%, retaining the top rate under current law. The House bill would repeal AMT for i