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.
In this week’s podcast, I am going to review the tax season and start to discuss the new tax law. I will begin by examining how the new tax law affects income and adjustments to income. In the follow up podcast, I will look at deductions, credits and talk strategies.