If You Love Taxes Stop Reading
Not liking taxes is something everyone can universally get behind. Despite having disagreements about the fine print, everyone mutually hates taxes.
Republicans have put out an aggressive agenda, and if it can happen it would be the first time since 1986! This reform is more than just the long-term impact on you; Congress feels like they have to do something here as the Republicans are in control of the House, the Senate, and the Presidency.
While there still isn't clarity, we can predict who needs to start paying attention.
What If The Tax Reform Passes? How Will It Impact You?
The overall changes that are coming are vague. For instance: the proposal will simplify tax brackets, but we don't know how the income brackets will be structured.
Who stands to lose the most as we currently understand the tax reform?
1. Real Estate Agents Should Pay attention
(Listen in at 3:30)
The tax reform won't take away with the mortgage interest deduction, but a doubling of the standard deduction. The increased standard deduction means a far smaller group of people will choose to itemize their expenses, which may cause people to buy real estate less frequently.
There are ways this could be a good thing despite the frustrations that real estate agents may feel.
2. Charities/non-profits Should pay attention
(Listen in at 6:54)
A lot of people choose to give, tithe, or donate with the incentive to have a tax deduction. If the reform doubles the standard deduction, there is less incentive to give.
There are also talks about repealing the estate tax, which would be another hit for charities.
Listen to The Full Show:
For most individuals outside of those two groups, you may be asking what I should do? We talk about how every individual can prepare for tax season now and take an in-depth look at how you can save money and change your tax picture.
Regardless of what goes through Congress. You need to look at your taxes right now.
"I would not make any assumptions on what will go through right now. It only takes a few votes to tank legislation passing."
"When you pay too much in taxes, you're giving the government extra money all year. It's nice to get that money back, but it never needed to go to them. I'd rather you have the money and be able to grow it."
"If you don't know how to change your taxes, maximize your savings, or want professional input, we offer a free consultation to sit down and talk about your life."