Year-end Planning Under The New Tax Law
The Tax Cuts and Jobs Act of 2017 (TCJA), passed at the end of last year, generally took effect in 2018. Therefore, the fourth quarter of this year provides the first real opportunity for year-end planning under what has been called the most important tax law passed in more than 30 years.
Broadly, the TCJA lowered income tax rates for individuals and for businesses. As you’ll read in this issue of the CPA Client Bulletin, the standard deduction has been substantially increased, but many deductions have been trimmed or eliminated, and some innovative tax benefits have been introduced.
Due to increased client interest in financial planning, I continue to provide quarterly updates on the investments I recommend.