This year brings the most significant changes to federal tax law in more than 30 years. For instance, did you know, for 2018:
- The standard deduction has nearly doubled.
- The federal income tax brackets have been revised.
- The maximum mortgage interest deduction has shrunk to $750,000.
- The individual estate tax threshold has doubled to $11 million.
- The deduction ceiling on state & local property taxes has fallen to $10,000.*
- The corporate tax rate – formerly 35% – is now 21%.
- Most pass-through companies can deduct 20% of their incomes tax free.
Have you considered what all this may mean for you, your real property, your household finances, your investments, and your estate?
2018 may be the ideal time to take advantage of some amazing tax breaks, and the right time to adjust your tax planning in response to some of the landmark revisions to the Internal Revenue Code.
With the passage of the Tax Cuts and Jobs Act, everyone should review and reexamine their approach to tax planning.
Trust. Confidence. Guidance.
What are your short- and long-term financial goals? From taxes to retirement—whatever your age or stage—the experienced Wealth Advisors at Tower Wealth Management can help you plan for a successful financial future.
Tower Wealth Management is the financial planning and investment management group located at Tower Federal Credit Union, and their services are available exclusively for Tower members.
Set up a free, no-obligation consultation today, or call 301-497-7062 or 800-787-8328, ext. 7062 to get started.
The material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax, or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
* washingtonpost.com/news/wonk/wp/2017/12/15/the-final-gop-tax-bill-is-complete-heres-what-is-in-it/ [12/15/17]
Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINRA and SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Tower Federal Credit Union and Tower Wealth Management are not registered broker dealers nor affiliated with LPL Financial.
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