We are finding that many clients are either going to owe money or getting significant refunds when we do 2018 tax planning for them. No one is unaffected by the new tax law changes. You do not want a significant surprise when you go to file your 2018 return in early 2019. If you want to know how they will affect your 2018 tax situation, you need to have some tax planning done.
Personal Exemptions are gone
State Income tax deduction is limited to $10,000
The tax bracket tables have changed significantly
There is a new business pass-through deduction that is VERY complicated
New divorce agreements will be very different now that alimony is no longer deductible to the payor or taxable to the payee
All miscellaneous deductions on Schedule A, including unreimbursed employee expenses are eliminated.
Things are different. You need to know how it affects you.
