The Tax Cuts and Jobs Act of 2017 Explained - Changes Begin in Tax Year 2018

President Trump's tax reform, the Tax Cuts and Jobs Act of 2017, is some of the most sweeping tax legislation that we've seen since the Tax Reform Act of 1986 under Ronald Reagan. This new tax reform is effective for tax year 2018 and beyond, and as of this recording, the changes are scheduled to sunset in 2025.
In this video, Matt Horsley, CFP® from Pure Financial Advisors gives a brief overview of how these tax cuts affect you.
Important Points:
(00:29) - Lower Tax Brackets
(01:29) - Exemptions, Standard and Itemized Deductions
(01:58) - State and Local Tax Deduction (SALT Deduction)
(02:34) - Home Mortgage Interest Deduction
(03:04) - Home Equity Line of Credit
(03:13) - Estate Tax
(03:30) - New Deduction for Small Business Owners
(03:55) - Roth Conversions
Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.
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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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