Death, Taxes and…Change? By Chris Cushman
Some people might consider change a certainty while others wish they had more change in their life. Regardless of where you stand, one thing did change recently, the tax code! 2018 was the first tax year for people to file under the Tax Cuts and Jobs Act of 2017. This act changed many variables in the tax code and people’s personal results ended up differently depending on which variables affected them the most. Some people ended up paying less in tax and others ended up paying more. We’ve spent time in previous articles discussing the differences, but the key point to mention now is: Review your tax return! Most people have now filed their taxes and it’s time to review them and discuss what’s different. Focus on action and strategies you can take in the future given this new reality. Some deductions were increased, and some were eliminated. Small business owners were introduced to a brand-new opportunity while saw an increase in the child tax credit. Everybody’s return will be different, but we’d love to convene with people and their CPAs to help educate people on some of the changes and help make suggestions, so people have clarity about their future. Taxes might be a certainty, but clarity is a powerful tool to help with any change! Give us a call!