Category: Tax Law
What the Most Sweeping Tax Law in 30 Years Means for You
By Mark Sipos The Tax Cuts and Jobs Act of 2017 is the most sweeping change to the tax code in over 30 years. Understanding these new tax laws and working proactively within them can save taxpayers thousands of dollars. We would like to highlight the major changes of this new tax legislation and how it impacts individual taxpayers. President Trump’s tax plan calls for maintaining the seven brackets found under the old law, however, the new law reduces the rates 2-3% across the various bracket income levels. It’s worth noting that the new tax brackets have dramatically increased the income levels within each bracket, so more of your taxable income will be taxed at lower tax rates! There are deductions to consider as well. Changes are coming for taxpayers who take the standard deduction and for those who itemize. The Trump tax plan increases the standard deduction to $12,000 (for individuals) and $24,000 (for married couples fling jointly), effectively doubling these standard deductions under the old law. Taxpayers who itemize can write off their state and local income, property and general sales tax payments on their federal tax return. This effectively prevents double taxation. Starting in tax year 2018, that deduction is capped at $10,000. Under prior law, homeowners could deduct their mortgage interest payments on mortgages up to $1 million. The new tax plan limits the deduction for mortgages up to $750,000. Interest on home equity line
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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