2018 Tax Reform Translated For You
Written by Nancy Johnshoy, CFA, Vice President - Market Strategist
The new tax legislation signed into law at the end of 2017 affects many of our clients and their businesses in the marketplace in 2018. To help you navigate these complex changes, I’ve compiled a few key points to discuss with your tax professional, and, as always, our First Business Trust & Investments financial planning experts are prepared to help you review your financial goals, providing guidance for your retirement, investments, and estate plans.
Read on to learn more about the new tax reform and how it might change your financial outlook this year.
- A parent of a child under age 17, or will become one this year? Make sure to read about the changing child tax credit and what it means for your upcoming taxes.
- Saving money for a child or grandchild for college or private school? You’ll want to learn more about how 529 plans are changing to help you save for their education.
- Itemizing and filing Schedule A? An increased standard deduction and changes in State and Local Tax deductions could affect your tax plans.
- Potentially inheriting a large estate in 2018? The new tax law doubled estate tax exemption to $11.2 million.
- A business owner or starting one this year? There are new implications for pass-through entities and corporate tax reform details you’ll want to read more about.
Learn more today — read my new article outlining several of the most compelling changes that affect many of our First Business clients. While you’re there, make sure to sign up to receive our market updates so you can stay up to date on new information that affects your financial health.