Recently, in a study group of six long time Professional Financial Planners – including yours truly – someone in the group asked if they had their arms around the new tax code?
None of us were 100%- too many changes and too many possible changes-
That being said, here are three key observations
Three Key Tax Changes
- The new $12k standard ($24k for couples) will render many itemizers useless and will mandating clumping
- Tax Rates are going down- across the board – see our chart here
- Largely a loss of deductions – Especially small business owners
The last bullet point may give you pause, but it should not, the net effect (most likely) will be positive for most tax payers —
Have a Great “Less Taxing” Day!
John A. Kvale CFA, CFP
