The tax filing deadline for our 2017 income tax returns has come and gone. Are your 2018 income taxes going up or down? To help you answer that question, let’s dive into some tax changes in Tax Cuts and Jobs Act of 2017 (TCJA). First, here are my observations from the 2018 individual income tax filing season.
Tax Reform: Changes for Individuals
Tax Cuts and Jobs Act, is a $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. Many of the provisions in the new legislation are permanent. Other provisions, including most of the tax cuts that apply to individuals, will expire in eight years. Some of the major changes included in the legislation…
Tax Cuts and Jobs Act: Impact on Individuals
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. While many of the provisions in the new legislation are permanent, others (including most of the tax cuts that apply to individuals) will expire in eight…
Our Progressive Tax System
APRIL IS NATIONAL FINANCIAL LITERACY MONTH If you live in the United States you live in a country with a progressive tax system. I call it a system because there is not just one progressive tax, there are many. Understanding how our system works is critical to your financial literacy. A progressive tax takes a…
Aging in Place and the Medical Expense Deduction for Home Improvements
Aging in place has become more common in recent years. A person aging in place lives in the residence of their choice, for as long as they can, while they age. Aging in place usually requires making changes in the home and identifying support systems to allow seniors to live safely, independently and in familiar…