How will the new Tax Reform Law effect my 2018 Income Taxes?
Congress passed the largest changes to the Federal tax code in over thirty years on December 15th, 2017. I have spent a lot of time reviewing this bill and I am very familiar with these tax code changes.
If you are a client of our firm and we have done your taxes already this year you already know how the new tax code will effect you. We let everyone know how the tax code changes will effect them because we always want to ensure our clients know what to expect in the future.
I have given training to quite a few people outside of our office including Financial Planners, Enrolled Agents, Certified Public Accountants, Business Owners, and Individual taxpayers.
I have been tracking how the tax code changes will effect all of the personal income tax returns I have already done with an excel spreadsheet. So far my clients on average will pay 17% LESS in Federal income taxes in 2018 as compared to what they paid in 2017 if their income and deductions are exactly the same in 2018 as 2017. So far I have four clients who will pay more income taxes under the current plan and I have four more who will break even and the rest will pay less under the new rules.
If you want to know how the new tax law will effect you please give me a call at 260-407-5000.
Mike Sylvester, CPA/ABV, MBA