Posts about Tax Preparation

The Tax Cuts and Job Act was signed into law by President Donald Trump on December 22, 2017. This massive tax reform act, an attempt to encourage economic growth, will have wide-reaching effects on all Americans across various income levels. While the majority of middle-income Americans will enjoy a noticeable break come tax time, investors have an important responsibility to be proactive in educating themselves and preparing for the effects this tax reform bill will have on them personally. If you haven't already done your homework here, waiting until tax time to see what happens is not the best approach. Being proactive will help you best prepare for the upcoming tax season and avoid surprises down the road.

Tax season is right upon us, and that means you need to know what has changed during the 2016 tax year, and what to anticipate for the 2017 tax year and beyond.

With Donald Trump as the new president in the White House promising major tax changes, the question becomes: What are the changes he has promised, and how would they affect your 2016 filing, if at all?