So, now that we've considered the big picture, let's take a look at some of the specific changes in more detail. We'll start with those permanent individual provisions designed to raise revenue in the long run. You'll recall that several numbers in the tax code such as the standard deduction, tax rate schedules, phase out limitations, et cetera are index for inflation. So, in the case of the standard deduction, this means that the value of the deduction gradually increases each year to make sure that the real value of the deduction doesn't decline due to inflation. Under the new law, the tax code has permanently moved to a more gradual inflation called Chained CPI. This means that the amount by which the standard deduction or any other index number would increase, is going to be just a little bit lower each year. Second, the individual responsibility payment or more commonly known as the Obamacare individual mandate penalty, has been reduced to zero for tax year starting in 2019. Meaning there's no penalty for failure to maintain health insurance. Remarkably, the removal of this tax actually saves the government money because without the penalty, less individuals are expected to acquire insurance from the healthcare marketplace and in turn the government will pay less in health care subsidy tax credits. Finally, for divorces that occur after 2018 alimony we'll be non-deductible to the payer but excluded from the gross income of the recipient. This saves the government money because usually the payer of alimony is in a higher tax bracket than the recipient. Thus, the payers deduction, cost more to the government than what they would collect in taxes from the alimony recipient who would include an income because they are generally in a lower tax bracket. Now, onward to some of the most significant and temporary individual provisions in the tax cuts and Jobs Act. All the provisions we're going to discuss next are generally only effective for tax years 2018 through 2025. In 2026, the individual tax code basically resets to the system that existed for tax year 2017, with the exception of those few permanent provisions we just discussed, along with those permanent business provisions which may impact filers who report business income on their individual return. First, one of the most advertised changes in the tax law for individuals, was a dramatic increase in the standard deduction. Which as you can see here, results in an almost doubled standard deduction amount. This increased standard deduction in combination with some of the new limitations on itemized deductions we'll discuss later, means far fewer taxpayers will be itemizing deductions on their tax returns. But, the large increase in the standard deduction is at least partially offset by the suspension of personal and dependency exemptions. If you have multiple children or other dependents, the loss of these exemptions may actually make you worse off even with an almost doubled standard deduction. The good news is that for taxpayers with children, you may now be eligible for a vastly expanded child tax credit. Not only has the amount of the credit been doubled to $2,000 from $1,000, there has also been a dramatic increase in who, based on their adjusted gross income, qualifies for the credit. What about if you have a dependent that doesn't qualify for the Child Tax Credit? Well, you don't necessarily have to kick anyone out of the house for tax reasons just yet because there is a new non-refundable $500 credit for dependents who don't qualify for the child tax credit, this could be qualifying children that are just too old to be eligible for the child tax credit or any other qualifying relative. So, the rules for who qualifying children and qualifying relatives are still matter and they remain generally unchanged, but the tax savings that they will generate is going to result from those credits as opposed to dependency exemptions. Another hallmark of the tax cuts and jobs act is lower tax rates, which as you can see on the next couple slides showing a comparison of the pretax cuts and Jobs Act tax rate schedule for 2018, with the new tax rate schedules in effect, are generally lower across the board. On this slide, we can specifically look at the rates for single filers. On the next slide, we can see a comparison for married individuals filing jointly. Again, as you can see, once you incorporate the savings of the lower tax brackets, taxes have gone down for the vast majority of filers, at least based on those rate schedules. Speaking of tax rates, the tax rates of a parents will no longer matter in computing the so-called Kiddie Tax on a child's unearned income. Instead, that unearned income will be taxed using the tax rate schedule applicable to trusts and estates. When it comes to For AGI deductions, the biggest change here is the suspension of the deduction for qualified moving expenses. Likewise, if your employer reimburses you, that reimbursement will no longer be tax-free. The one exception here is for moves related to being an active member of the military. Now, when it comes to itemized deductions, we have a whole host of new changes. Perhaps the most significant is the new cap on the state and local tax deduction at $10,000. So, a taxpayer, regardless of filing status, can not deduct more than $10,000 in state property taxes plus either state income taxes or state sales taxes. The deduction for personal casualty and theft losses has also been significantly curtailed and is now only available in presidentially declared disaster areas. Another big change is the suspension of all miscellaneous itemized deductions subject to the two percent of AGI floor. So, no more deductions for hobby expenses un-reimbursed employee expenses and investment expenses at least until 2026. Some of the less dramatic changes where a scale back of the mortgage balance eligible for the mortgage interest deduction. Previously, you could deduct interest on up to one million dollars of acquisition indebtedness on your principal residence. Plus, another $100,000 of a home equity balance. That limitation is now down to a flat $750,000 of acquisition indebtedness for new home purchases. Now, for some taxpayer favorable changes in itemized deductions. First, medical expenses for 2018 are now deductible to the extent they exceed 7.5 percent of AGI down from the previous 10 percent of AGI threshold. Second, the AGI ceiling for certain charitable deductions such as cash, has been increased from 50 percent to 60 percent. Finally, the P's limitation which phased out certain itemized deductions once your AGI reached a certain threshold, has also been suspended until 2026. Moving on from itemized deductions, which are a From AGI deduction, we have a brand new From AGI deduction, which is the qualified business income deduction. This provision establishes a 20 percent deduction for certain income earned from pass-through businesses, or as a sole proprietorship. While this is a From AGI deduction, meaning that you deduct it after you compute your adjusted gross income, it is not an itemized deduction, so you can still pair it with a standard deduction. Now, if your taxable income is below $315,000 if you file jointly, or below $157,500 for any other filing status, you can claim this qualified business income deduction pretty much without any limitation. But, if you are above those thresholds, you have a couple additional limitations that are going to phase in. First, certain types of service businesses, which unfortunately includes accountants, will not be eligible for the deduction. Additionally, your ability to claim the deduction will depend on the amount of wages and qualified investments in business property you make. Finally, jumping over to the federal gift and estate tax system, the lifetime exclusion on gifts and estates has doubled to just over $11 million per taxpayer in 2018. Meaning, if at your death your state is worth less than $11 million, then you won't be subject to any estate tax. For a married couple, that's roughly $22 million.