Tax Reform Law Gets Mixed Reviews From Financial Planners

The 2018 tax reform bill got rid of the personal exemption. That’s the amount a taxpayer used to be able to deduct from their taxable income for themselves and any dependents claimed on their tax return. Here’s how those two changes play out: In 2017, the personal exemption was $4,050 per dependent (like a child or relative) and per taxfiler.

As the year winds down, Congress has been feverishly working to pass its final tax bill, the "Tax Cut and Jobs Act." With the passage of the bill in both the House and Senate this week, the signing of the bill by the President will enact into law the most significant reform of the individual and corporate tax structures since 1986.

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2018 Tax Reform: What You Need to Know. Congress passed sweeping reform to the U.S. tax system, which is expected to be signed into law soon. This legislation is generally effective for tax years beginning after Dec. 31, 2017, with most of the provisions for individuals set to expire after 2025.

Stocks in major Asian markets were mixed on Thursday as investors. CPA and director of financial planning at Peak Financial Advisors in Denver. "They did generally see a benefit from tax reform, be.

Businesses come in first under the tax plan that House Republicans debuted Thursday. Yet some of them have formed the point of the spear already aimed against it. The mixed reviews from the. a.

Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits. Tax reform can include reducing the level of taxation of all people by the government, making the tax system more progressive or less progressive, or simplifying the tax system and making the system.

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Tax Reform Law Gets Mixed Reviews From Financial Planners. Financial planners say they’ve seen mixed effects from the Tax Cuts and Jobs Act, with many clients surprised by lower refunds.

Passage of the Tax Cuts and Jobs Act of 2017 represents the most sweeping rewrite of the federal tax code in more than three decades. It includes significant changes for businesses and individuals alike. We can help you navigate key provisions with industry-specific insight that focuses on what you need to know.