Since it’s the first working day of the new year (as of my writing this on January 2), I thought I would do a little forecasting to get us off on the right foot for 2018. Tax season is just around the corner again, and many of us who have had taxes floating in the backs our minds during the holiday chaos. Now that the holidays have passed, it’s time to look at those worries—and get some answers!
Below is a partial list of tax plan changes, but of course, seeing how this pertains to you and your plan is the key.
Download our free 2018 Tax Cheat Sheet
When it comes to the new tax bill, I believe this will prove to be one of the things that define the Trump presidency. I know, many of you are not Trump fans, but I do hope you admit that any help on taxes is a step in the right direction.
From what I’ve been able to see, it will start by giving the clear majority a little more in their take-home pay. Whether you are still working or already retired, the new standard deduction should give us a tad bit more leniency and eliminate the need to compile copious amounts of receipts, trying to get to the same result. For our kids and grandkids who now have children, they should also benefit by having a higher child deduction, which, again, should put more in their pockets.
If you have more questions, consult your CPA, or come and meet with us and we will introduce you to our CPA.