Confused by the Tax Reform? We Can Help!
February 16, 2018 in Uncategorized
By now, many are aware that on Dec. 22, 2018, President Trump signed a tax reform bill into law. You saw the news, got the warnings from the Internal Revenue Service (IRS) and might’ve heard from friends or family who have been panicking about the changes.
This specific tax reform legislation is the biggest passed by Congress in the last 30 years. It was confusing for those who may be affected, but we want to assure you that the change won’t impact 2017 filings – which are submitted in 2018. To determine whether or not its contents pertain to you, keep reading for key points from the new reform:
- Lowered Tax Rates
- Changes Income Ranges
- Increased Alternative Minimum Tax Exemptions
- Adjusted Tax Relief for Individuals and Families
- Eliminated or Reduced Deductions
The U.S. Congress’s Committee on Ways and Means argues that the reform simplifies the tax process, preserves mortgage interest deduction, eliminates Obamacare’s individual mandate penalty tax, increases the standard deduction, provides more support to American families and provides relief for Americans with expensive medical bills, along with improving savings vehicles for education.
Overall, we’ve noticed several temporary changes and some that are permanent. There are differences for homeowners, taxpayers with kids, and business owners, but with all these adjustments, even the IRS needs time to catch up.
Allow professionals to handle the tax preparation process this year to avoid confusion. Our team at Tax Defense Partners will make sure your taxes are done right, so you don’t have to rely on programs or software. You may call or click to schedule your free consultation and get started today!