Many, but not all, individuals will see their tax bills decline starting in 2018. Tax rates are reduced and the standard deduction is nearly doubled. It is expected that taxpayers will begin to see the benefit in their paychecks starting in February 2018 (employees likely will be required to complete a revised Form W-4 that is not yet available). An explanation of various provisions will be provided in upcoming posts.
Fully deductible interest on up to two residences if acquisition debt secured by a home is $1 million or less, and home equity debt is $100,000 or less.