Jack Mardoian is a Lake County tax and estate attorney, who joined us on Everyday Law to break down The Tax Cuts and Jobs Act of 2017.
The Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 was passed to fulfill a Republican campaign promise of tax reform and simplification. The last time that the tax code was overhauled in a major way was in 1986.
However, as with many campaign promises, simplification is rarely simple.
Changes to Deductions and Exemptions
The changes to the tax code have resulted in changes to deductions and exemptions. For individuals, the standard deduction has been doubled, which will result in fewer people itemizing their tax return. However, some previous deductions have also been eliminated such as alternative minimum tax, SALT (state and local tax deductions), other miscellaneous deductions as well as a cap on property tax deductions. Under the 2017 Act, some individuals will benefit from the changes while others will not.
Changes to Alimony (or Maintenance)
Another area affected by the 2017 Act is family law. Changes affecting maintenance (alimony) under the 2017 Act will not actually go into effect until 2019. These changes affect taxable income and deductions. An important distinction is that even a maintenance plan put into place under the old tax law can be affected if it is modified in the future under the 2019 changes.
Who Is Jack Mardoian and What Is His Background?
Attorney Mardoian grew up in Waukegan, where his father ran a grocery and wholesale business. His parents valued higher education and encouraged him to attend law school. Mardoian’s first job was as an estate and gift tax attorney for the IRS. He really enjoyed this work and gained an expertise in tax law. Mardoian then worked in the corporate arena as an international tax attorney. In 1987, Mardoian left corporate work and opened up his own law firm. Initially, his practice dealt in tax law, but his practice has evolved to include probate and estate work.
Jack Mardoian’s office is located in Lake Bluff and he can be reached by telephone at (847) 295-4100.