Not enough time to finish holiday preparation AND digest the new tax bill? We’ve got you covered.
See below for a list of articles that will give you an understanding of the bill, and whether you need to take action in 2017. Since every tax return is different, I can’t make a blanket recommendation on actions for you to take before January 1. However, if you peruse these quick reads, you might find some ideas (such as contributing to charities – always a good idea, and paying your property tax in December instead of January) that will help you reduce your Adjusted Gross Income (AGI) in 2017, with the assumption that most Americans will have a lower tax bracket in 2018. As always, consult your tax advisor before implementing these ideas, and remember that there was some final editing to the bill as it went back to the House for a final vote.
1. Just the facts. Written Wednesday, here is a breakdown of the new tax brackets, depending on how you file.
http://fortune.com/2017/12/20/gop-tax-bill-brackets/
2. Six ideas you can implement in 2017, if they make sense for you.
https://www.bloomberg.com/news/articles/2017-12-18/six-ways-to-make-the-new-tax-bill-work-for-you
3. Fourteen ways that the new tax bill may affect you in 2018.
https://www.fool.com/taxes/2017/12/18/14-ways-the-tax-cuts-and-jobs-act-could-change-you.aspx
4. While mostly techno-fun, this tax bill calculator will give you an idea of the potential of your tax cut in 2018.
https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html
5. Written on Sunday, this is a good synopsis of what the Republicans hoped for, and what they landed on with the new tax bill.
6. For those of you who want to do a deep dive on the new tax bill (read: finance experts, tax advisors, and engineers of all types), Michael Kitces wrote a fantastic and user-friendly analysis.
Although this information has been gathered from sources believed to be reliable, it cannot be guaranteed. Federal tax laws are complex and subject to change. Neither FSC Securities Corporation, nor its registered representatives, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.