Tax Reform Law Gets Mixed Reviews From Financial Planners

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Tax planning may be low on your list of favorite financial chores but it’s essential for high net worth individuals. Without a carefully-developed tax strategy, high net worth investors run the risk of missing out on key tax benefits and paying more in taxes than necessary.

The new tax rules give you until the tax-filing deadline to pay back your loan. Here’s what didn’t change There were some rumors floating around as the tax bill was being debated, but these.

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What is the difference between a tax (financial) advice service and a tax agent service? A tax (financial) advice service is: – provided in the context of the advice provided by financial planners under an AFSL; and – the part of financial advice which interprets and applies the tax laws (including tax, super and SMSF laws) to the personal

The tax reform bill will increase paychecks and take-home pay for most individuals. They say the typical family will get $2,059 in median tax savings, with a doubling of the standard deduction. The top individual tax bracket is lowered from 39.6% to 37%.

Advisors disagree on how to handle this waiting time to see what state and local tax deductions will be lost, but all say clients and advisors have to be aware of the possibilities and poised to act.

The GOP Tax Plan proposes sweeping changes to Income Tax, Deductions, Estate Tax college savings, some Retirement Rules and more making it the most ambitious reform proposal since the 1980s. Fidelity offers a first detailed look at the House tax proposal and discusses its significance to investors.

If you are retired and thinking about your tax situation, you may wonder what last year’s tax reform will mean for you. Most of the changes from the tax law went into effect in 2018. The new tax brackets, tax rates, rules for itemized deductions could all impact retirees.

Tax administration, post-tax reform, is markedly different than before, for several reasons. Reporting life settlement sales after the Tax Cuts and Jobs Act Find out about a new requirement for life insurance companies to report sales of life insurance policies.

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