Happy New Year!
Like it or not, the Republicans in Congress were able to pass a new tax bill just in time for Christmas. There is something in it for nearly all of us – it is more like a tax cut.
It’s the most significant overhaul of the tax code since 1986 – and it’s something political, legal, and financial professionals will be analyzing for months to come. The Tax Cuts and Jobs Act, as it’s officially known, contains many provisions affecting everyone from parents to small business owners – provisions that could have a significant impact on your overall finances.
Taxation is a politically-charged subject, of course. Everyone has an opinion, because everyone’s got a stake. I have opinions of my own, of course, but I’m not a political analyst. I’m your financial advisor. So, I’ve tried to be as neutral as possible. For that reason, you’re about to see a lot of numbers.
Most of these provisions have already gone into effect. That means we need to educate ourselves on the basics of the new tax bill. To help, I’ve prepared a sort of primer that breaks down some of the main changes to the tax code. Understand, this is not intended to be a complete, exhaustive analysis of the entire bill. But at least this way, you’ll be familiar with some of the broad strokes.
As always, if you have any questions, please don’t hesitate to let me know.
