Jeffrey M. Verdon Law Group, LLP
Ph: 949-988-0939

Tax Cuts and Jobs Act Update


Memorandum

To: Our Valued Client

From: Jeffrey M. Verdon, Esq.

Managing Partner

Date: March 20, 2018

Subject: Oops We Goofed!

In our recent Client Alert, we provided a summary of salient parts of the Tax Cuts and Jobs Act of 2017. Under the section Pass-Through Businesses, we wrote: "Pass-through income exceeding the $315,000/$157,000 thresholds receives no 20% deduction." We misstated the phase out provisions.

Here is what we should have stated:

· If taxable income is less than $157,500 (single filer)/$315,000 (married filing jointly.) the 20% deduction is fully available.

· If taxable income is greater than $157,500 (single filer)/$315,000 (married filing jointly.) but less than $207,500 (single filer)/$415,000 (married filing jointly.) then a partial deduction is available.

· If taxable income is greater than $207,500 (single filer)/$415,00 (married filing jointly.) there is no deduction.

We occasionally mess up, and when we do, we endeavor to fix it.

Thank you for all of your continued support!

Jeffrey M. Verdon, Esq.

For more information about any of the information discussed in the Client Alert, or any other income or estate tax planning or asset protection planning assistance, please contact the: Jeffrey M. Verdon Law Group, LLP at [email protected] or 949-333-8152.

NOTE: This newsletter is a publication of Jeffrey M. Verdon Law Group, LLP and is intended to provide information on recent legal developments. This report does not create an attorney-client relationship nor should it be construed as legal advice or an opinion on specific situations. If you do not wish to receive future law updates and alerts, please send a reply email to [email protected] asking to be removed from the mailing list.

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