Tax reform of 2017 will have a significant affect on almost every business and individual starting in 2018 tax season. Before you file your tax return, consider the following information: 

1. Bicycle Commuting - The $20/month commuting reimbursement by bicycle is now eliminated through 2025 and any reimbursement or payments made toward bicycle commute are taxable income to the employee, subject to payroll taxes. 
2. Corporate Tax Rates - The tax reform has permanently cut the top C Corporate tax rate from $35% to 21%.
3. Pass-Through Businesses - Owners of businesses setup as Partnerships, S corps, LLC's and Sole Proprietors can deduct up to 20% of their qualified business income. Single individuals earning up to $157,500 and married couples earning  up to $315,000 are eligible for the biggest deduction and tax savings. This is also known as the Section 199A deduction. Not without exception, this deduction has limits based on income and type of business. For more information refer to the IRS publication.
4. Bonus Depreciation Deduction - Although the rules for depreciation can be complex, the new 100% bonus depreciation is now available for property placed in service after Sept. 27th, 2017 and before Jan. 1, 2023. 
5. Entertainment Expenses - The new law eliminates the deduction for expenses incurred for entertainment, amusement or recreation. This law does not affect the meal deduction if the business owner or employee is present at the meal and the expense is not lavish or extravagant. 
6. Business Interest Limit - Businesses whose average annual sales are less than $25 million can only deduct up to 30% of the company's EBITDA (earnings before interest, taxes, depreciation and amortization). 
7. Like Kind Exchanges - Only exchange of real property property used for business or held as an investment qualifies for the non recognition of gain. Like kind exchanges of improved or unimproved property qualify for like kind exchanges. But real property in the US exchanged for real property outside of US does not qualify for the like-kind exchange. 
8. Settlements For Sexual Abuse or Harassment - Payments made and legal fees arising from settlement due to sexual abuse or harassment are now non deductible if the claim is attached to a a NDA (non disclosure agreement).  
9. Net Operating Losses - The tax reform has eliminated the requirement of carrying back losses 2 years and 20  years forward. Instead there is no limitation on how long the net operating losses can be carried and used but the deduction is limited to 80% of taxable income (without regard to the deduction) with the balance carried forward indefinitely. 
10. Excess Business Losses - For non corporate taxpayers (refers to S Corps, Sole Proprietors, Partnerships) losses in excess of $250,000 for single individuals and $500,000 for married jointly must be carried forward indefinitely until they are completely used up. 
11.  New Deduction For Certain Assets - Under the new tax reform a business may deduct the entire cost of certain (Section 179) property, which is used in the active conduct of one's trade or business, that is not a building or land. The maximum deduction increased from $500,000 to $1 million with the new higher phaseout from $2 million to $2.5 million. Included in the definition of the property subject to this deduction are interior improvements, which also include a new roof, HVAC, fire protection systems, alarms, etc. Property expansion, elevators and improvements to internal structures of buildings are not eligible for the deduction. Improvements to restaurants and retail establishments are now subject to longer depreciation period of 39  years, rather than the old 15 year recovery. It's also not subject to bonus depreciation.