Recent Tax Code Changes
Introduction:
The tax code is constantly changing, and the past year has been no exception. Several significant tax code changes have been made that could impact your personal and business finances. If you're looking for a trusted tax advisory service to help you navigate these changes and maximize your tax savings, Aegis Lion Law is the premier choice. In this blog post, we will explore some of the recent tax code changes and explain how Aegis Lion Law can help you take advantage of them.

Recent Tax Code Changes:
One of the most significant tax code changes that went into effect recently is the Tax Cuts and Jobs Act (TCJA), which was passed in 2017. The TCJA lowered the corporate tax rate from 35% to 21% and established new tax brackets and rates for individual taxpayers. The TCJA also increased the standard deduction and limited several deductions, including state and local tax deductions and miscellaneous itemized deductions.
Another tax code change that has recently been implemented is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed in 2020 to provide relief to individuals and businesses affected by the COVID-19 pandemic. The CARES Act included several provisions that impact taxes, including an increase in the limit for charitable contributions and changes to net operating loss (NOL) rules.