Tax Reform Law Gets Mixed Reviews From Financial Planners


But the net result of that for financial institutions. a policy analyst at Beacon Policy Advisors. He added that the upper chamber will urge the agencies to continue writing rules under the.

Asia stocks mixed. tax return. Following the Court’s decision, the IRS allowed these couples to file as married from 2013 onward, and said they could amend tax returns to get credits and refunds.

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The 2018 tax reform bill got rid of the personal exemption. That’s the amount a taxpayer used to be able to deduct from their taxable income for themselves and any dependents claimed on their tax return. Here’s how those two changes play out: In 2017, the personal exemption was $4,050 per dependent (like a child or relative) and per taxfiler.

2018 Tax Reform: What You Need to Know. Congress passed sweeping reform to the U.S. tax system, which is expected to be signed into law soon. This legislation is generally effective for tax years beginning after Dec. 31, 2017, with most of the provisions for individuals set to expire after 2025.

Tax Reform Update – Individuals and Sole Proprietors, multiple dates offered, 1-5pm ET, 4 CPE credits – Get a comprehensive overview of the changes to individuals and sole proprietors along with some critical financial planning takeaways to help your clients navigate tax reform in the coming months.

Understanding tax reform is critical for financial planning. The new law is estimated to reduce federal taxes for individuals by an average of 8%, according to the Joint Committee on Taxation. The average tax rate is projected to fall to 19% from 20.7%. Because Congress used the reconciliation process to pass the bill,

Wealth transfer planning alternatives. With the Wealth transfer planning alternatives section, you may experience a sense of dj vu. The new tax law includes a significant increase to the federal estate, gift, and generation-skipping tax exemption, creating a window of opportunity similar to the one leading up to the last major change in 2013.

Voices Why the tax law is very bad for RIAs. As result, the law whacks successful advisors’ earnings at (up to) the top ordinary income rates while our business owner friends and clients (in other industries) benefit from the new pass-through partnership, S-Corp or LLC rates which are up to 20% lower.

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