Published by Taylor Financial Group
The recent passage of the Tax Cuts and Jobs Act (TCJA) has dramatically changed the world of tax planning as it is the most far reaching tax legislation since 1986. The standard deduction has doubled, many other deductions have been eliminated, changes have been made to Roth IRA conversions, and the list goes on and on. Everybody’s situation is truly different, and everyone will be impacted differently so it is important to review your situation with us and your tax professional to create a personalized tax strategy that best suits your needs. In the meantime, here are a few key thoughts on the New Tax Act that you should be aware of.