AT THE END OF 2017, MASSIVE TAX LAW CHANGES WERE PASSED.
The Tax Cuts and Jobs Act was the most significant tax code reform since 1986! It added about 1,000 pages more to the already existing 74,000 pages of tax code. Complex tax law just became even more complicated!
Most people know the big changes that affect them personally: lower tax brackets, larger standard exemptions, and increased child tax credits. What many don’t know is that a number of tax breaks were also limited or eliminated which could increase their tax bills!
Many other tax law changes will greatly affect businesses and investors. Sure, we’ve heard about the new 21% corporate tax rate and elimination of AMT, but what about the rest of the changes?
- Do you know how the new tax laws affect you and your business?
- How will your taxes change from 2018 onwards?
- Are you taking full advantage of the new tax-saving opportunities available?
Bottom line: There’s no easy way to answer how your future taxes are affected by the new laws.
What it does mean is that you need a trusted tax professional to guide you through the changes to make sure you use every option to reduce your taxes, avoid pitfalls, and keep more of your money.