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Financial Planning > Tax Planning > Tax Deductions

The Tax Cuts and Jobs Act: An Advisor’s Guide

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The Tax Cuts and Jobs Act is a whopping 1,097 pages long, including the Conference Committee report that follows it. Advisors, unlike federal lawmakers, don’t tend to have armies of staffers to help them read through bills that are critically important to their clients.

So we’re here to help you digest this mammoth new law that President Donald Trump signed Friday.

Here is the full text of the bill. We’ve put together a table of contents of sorts of the sections most relevant to advisors, focusing on tax changes for individuals. When possible, we used the Conference Committee report, which reconciles the House and Senate bills and then summarizes the agreed-upon changes for each provision.

(Related: 4 Huge Opportunities to Beat the Tax Bill)

We will update this page as more information and analysis becomes available. This list is by no means conclusive. If you come across any tax bill provisions we should add, please leave a comment.

  1. Hobby expenses
  2. Investment fees and expenses
  3. Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed
  4. Repayments of income
  5. Safe deposit box rental fees
  6. Tax preparation expenses
  7. Work-related expenses, including a home office and professional society dues.

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