With all the variables involved, the new federal tax reform can certainly be confusing. Some sorting out is in order. Understandably, there are lots of questions about how the changes will affect the wallets of individuals and the bottom line of businesses. How will it change and affect income brackets? What deductions are still allowable? Accounting firm Scott and Company recently convened a luncheon in Columbia to discuss the essential issues of tax reform. This included a look at both corporate and individual income tax changes. This Q&A addresses the topics important to both individuals and businesses.
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