The first year of the new Trump tax laws is officially in the books. It was a brutal year for most people. It wasn’t brutal as far as total tax paid or annual tax liability. This went down for the vast majority of people. However, with the new changes, new IRS withholding tables, and alterations to adjustments, deductions and credits, most people saw a sizable change in their usual refund amount.
In our tax office, we spent an inordinate amount of time explaining to clients how the new law affected them as well as comparing the return to 2017’s figures. Clients were confused…even after our discussion.
This is a follow up to last week’s podcast where we examined income and adjustments to income. In this podcast, I will look at deductions, credits and talk strategies. The key takeaway is to take action now. Half of the year is gone already so if you want to make an impact you must act today.
If you have any questions, please let us know. We would love to do a follow up podcast on any questions you have regarding the new tax law.