Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
2020 Year-End Tax Planning for Law Firms and AttorneysWithum
Tax planning can be a difficult strategic process; this tax planning season is further complicated by the COVID-19 pandemic as well as the uncertainties surrounding the Presidential Election. This session will shed light on a number of significant considerations regarding NJ BAIT, nexus issues related to remote working, and PPP loan forgiveness as it relates to general high net worth planning.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
Tax Foundation University 2017, Part 1: Why Tax Reform? Why Now? Why Not Just...Tax Foundation
This presentation reviews key considerations in tax reform – balancing revenues, growth, and tax equity.
Charts describe the current tax system, its general framework, progressive structure, complexity, biases, and distorting features.
It also explores who pays taxes, and how markets shift the tax burden.
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
After a year of uncertainty and economic disruption, the restaurant industry has won federal relief. On March 11 President Biden signed the American Rescue Plan into law which includes a $28.6 billion Restaurant Revitalization Fund (RRF) to assist struggling restaurants during the pandemic. The RRF impacts restaurant owners with 20 or fewer locations and will be administered by the Small Business Administration.
Topics for discussion:
- Who is eligible for RRF?
- How can the fund be used?
- Next steps and important considerations for restaurant owners
Presenters:
• Chuck Miller, CEO, NgenX Energy
• Martin Harski, Cost Segregation Principal, National Tax Service Group, Withum
• Cary Milstein, Early Entrepreneur, Medical Cannabis Sector
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
2020 Year-End Tax Planning for Law Firms and AttorneysWithum
Tax planning can be a difficult strategic process; this tax planning season is further complicated by the COVID-19 pandemic as well as the uncertainties surrounding the Presidential Election. This session will shed light on a number of significant considerations regarding NJ BAIT, nexus issues related to remote working, and PPP loan forgiveness as it relates to general high net worth planning.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
Tax Foundation University 2017, Part 1: Why Tax Reform? Why Now? Why Not Just...Tax Foundation
This presentation reviews key considerations in tax reform – balancing revenues, growth, and tax equity.
Charts describe the current tax system, its general framework, progressive structure, complexity, biases, and distorting features.
It also explores who pays taxes, and how markets shift the tax burden.
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
After a year of uncertainty and economic disruption, the restaurant industry has won federal relief. On March 11 President Biden signed the American Rescue Plan into law which includes a $28.6 billion Restaurant Revitalization Fund (RRF) to assist struggling restaurants during the pandemic. The RRF impacts restaurant owners with 20 or fewer locations and will be administered by the Small Business Administration.
Topics for discussion:
- Who is eligible for RRF?
- How can the fund be used?
- Next steps and important considerations for restaurant owners
Presenters:
• Chuck Miller, CEO, NgenX Energy
• Martin Harski, Cost Segregation Principal, National Tax Service Group, Withum
• Cary Milstein, Early Entrepreneur, Medical Cannabis Sector
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
Key Takeaways:
- Payroll Taxes
- Transfer Pricing
- Global Intangible Low Taxed Income
- Controlled Foreign Corporation
- Base Erosion and Anti-Abuse Tax
- Covid Impact and Measures
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.
David John, Senior Senior Strategic Policy Adviser at AARP’s Public Policy In...ILC- UK
In July 2015, the Government began a consultation on changing how the UK incentivises private pension saving, and the Chancellor is expected to respond to this consultation in the Government’s annual Budget in March 2016.
The Future of Private Pension Saving, kindly supported by Age UK, brought together Parliamentarians, business, academics and industry experts to discuss how best the UK Government can incentivise private pension saving.
The debate was opened by initial remarks from Angela Rayner MP (Shadow Pensions Minister), Jackie Wells (Head of Policy and Research, Pensions and Lifetime Savings Association), Sarah Luheshi (Deputy Director, Pensions Policy Institute), and Yvonne Braun (Director, Long-Term Savings Policy, Association of British Insurers).
On Wednesday 27th January, David John, Senior Strategic Policy Adviser at AARP’s Public Policy Institute, and Deputy Director of the Retirement Security Project at the Brookings institute delivered a presentation on tax incentives for pension saving in the US context at an informal reception hosted by Age UK.
Discussions from this event contributed to a formal representation to the HM Treasury regarding Government policy on pensions tax relief and private pension saving.
Inflation Causes, Impacts, Mitigation Strategies, and BenefitsBarbara O'Neill
60-minute webinar for AFCPE on 05/11/23 that discusses the causes and impacts of inflation and several dozen strategies to mitigate the effects of higer prices on household budgets.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
when will pi network coin be available on crypto exchange.
TCJA Personal and Professional Implications Seminar-04-18
1. The Tax Cuts and Jobs Act:
Personal and Professional
Implications for Rutgers
Faculty and Staff
Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension
boneill@njaes.rutgers.edu
3. Background:
Major Taxes Paid in the U.S.
Taxes on Purchases
– Sales tax and excise tax (e.g., gas, cigarettes)
Taxes on Property
– Real estate property tax
– Personal property tax
Taxes on Wealth
– Federal estate tax
– State inheritance tax
Taxes on Earnings
– Income tax and Social Security tax
4. Background: The Progressive
Nature of Federal Income Tax
• Progressive tax – Takes a larger percentage
of income from high-income taxpayers than
low-income taxpayers.
– Federal income tax
• Regressive tax – Takes a decreasing
percentage of income as income increases.
– State sales tax
5. Background: Marginal Tax Rate Is
Applied to the Last Dollar Earned
• Marginal Tax Bracket (MTB) – Income-range
segments that are taxed at increasing rates as
income goes up
• Marginal Tax Rate – The tax rate applied to your
last dollar of earnings
• Established by Congress and change periodically
• Major overhaul of federal income tax rates in TCJA
6. Background: Tax Credit Versus
Tax Deduction
$100 Tax Credit
Reduces Your Taxes by $100
$100 Tax Deduction
Amount Your Taxes are Reduced
is Based on Your Tax Bracket
Example: $5,000 x .22% mtb = $1,100 of tax savings; $3,900 net cost
7. Background:
Types of Deductions
Deduction = An amount subtracted from gross income to
reduce the amount of income subject to tax.
• Standard Deduction- Amount established each year by tax
code; no need to itemize deductions; amount is based on a
taxpayer's filing status, age, etc; no receipts needed
• Itemized Deduction- Specific amounts spent on certain
goods and services throughout the year; allowed deductions
are outlined by the IRS and include such expenditures as
mortgage interest and charitable donations
www.investopedia.com/terms/i/itemizeddeduction.asp#ixzz1zxopAxpP
www.money-zine.com/Calculators/Mortgage-Calculators/Mortgage-Tax-
Deduction-Calculator/ (Mortgage tax deduction calculator)
7
8. Background: Itemizing Required
for Charitable Gift Benefits
• If you claim the standard deduction on your tax
return, charitable gifts will not provide a tax benefit
– Psychic benefits of giving to charity are another issue
• You must itemize expenses on Schedule A to deduct
charitable donations.
9. Background: Refundable and
Non-Refundable Tax Credits
• Refundable: When tax credits are greater than the
amount of tax you owe, the IRS sends you a tax
refund for the difference
– Example: Earned Income Tax Credit (EITC)
• Non-Refundable: Credit can’t be used to increase
your tax refund or to create a tax refund when you
wouldn’t have already had one. In other words, your
savings cannot exceed the amount of tax you owe.
– Example: Child and Dependent Care Expenses Credit
10. Background: Tax-Rate
Schedules and Tax Tables
• Tax-Rate Schedules – Used by filers with a taxable
income of $100,000 or more; requires a mathematical
computation to determine tax liability
• Tax Tables – Used to look up one’s tax liability
according to tax filing status and income range
13. Background: Impact of W-4
Form Decisions on Net Pay
0 allowances = max taxes deducted* =
Smaller take home pay =
Larger tax refund
+ allowances = less taxes deducted =
Larger take home pay =
Smaller tax refund
NOTE: Taxpayers can add extra withholding beyond “0” allowances; e.g., +$50 more
14. General Tax Planning
Strategies to Minimize Taxes
If you expect Then you should Because
The same or a
lower tax rate next
year
Accelerate
deductions into this
year
Greater benefit to
higher rate
The same tax rate
next year
Delay income into
next year
Delay paying taxes
A higher tax rate
next year
Delay deductions Greater benefit
Accelerate income Taxed at lower rate
15. Background:
Alternative Minimum Tax (AMT)
– Paid by taxpayers with high amounts of certain
deductions and various types of income
– Designed to ensure that those who receive tax
breaks also pay their fair share of taxes
– Has increasingly been affecting less affluent
taxpayers, especially in high-tax states (e.g., NJ)
– A high proportion of long-term capital gains to
ordinary income can trigger the AMT
16. Background: Tax Avoidance
and Tax Evasion
Tax Avoidance (Minimization)
– Legitimate methods to reduce your tax obligation
to your fair share but no more
(e.g., deductions, credits, tax-deferred/tax-free investing)
Tax Evasion
– Illegally not paying taxes you owe, such as not
reporting all income or overstating deductions
18. Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act was passed by the U.S. Senate and
House of Representatives in late December 2017 and signed by
President Trump on December 22, 2017.
This law will impact individual taxpayers and businesses on a
scale that has not been seen in over 30 years.
20. Tax Cuts and Jobs Act #1
• Eight year period of lower individual tax rates from
2018 through 2025 with seven temporary tax rate
brackets ranging from 10% to 37%
• Elimination of personal exemptions (from 2018-2025)
• Nearly double the standard deduction ($12,000 for
singles and $24,000 for married couples filing jointly
in 2018)
– Fewer people will benefit from itemized deductions
22. Tax Cuts and Jobs Act #2
• $10,000 cap for state and local tax (SALT)
deductions (e.g., state income tax and municipal
property tax) for taxpayers who itemize; NOT
indexed for inflation
• Repeal of all miscellaneous deductions that were
previously subject to 2% of adjusted gross income
(AGI) floor (e.g., union dues, uniform expenses,
unreimbursed business expenses, tax prep fees)
• Enhanced child tax credit of $2,000 per qualifying
child; $1,400 of the credit is refundable
23. Tax Cuts and Jobs Act #3
• Lower medical expenses deduction threshold of
7.5% of AGI for tax years 2017 and 2018
– NJ income tax floor is 2% of AGI- Save receipts!!
• Retains the alternative minimum tax for individuals
with higher AMT exemption amounts from 2018
through 2025; fewer people will be affected by AMT
• 529 college savings plan distributions can be used
(within the annual limit of $10,000 per student) for
private elementary and secondary school expenses
and homeschooling expenses
24. Tax Cuts and Jobs Act #4
• Interest on home equity loans no longer deductible
from 2018-2025; no grandfathering for existing home
equity loans
• Tax-deductible interest is capped on mortgage debt
(called acquisition indebtedness) up to $750,000 on
new mortgages
– For mortgages taken out before December 15, 2017, the
previous $1 million debt limit for mortgage interest remains
• Chained CPI (consumer price index) will be used for
future indexing, resulting in lower inflation
adjustments than the previous CPI
25. Tax Cuts and Jobs Act #5
• The moving expense deduction is suspended from
2018 through 2025 with the exception of the
moving and storage expenses of service members
• The estate tax exclusion was raised to $11.2 million
for individuals and $22.4 million for married couples
(with proper planning to double the individual
exemption; i.e., portability) from 2018 through 2025
• Student loan interest deduction up to $2,500
remains unchanged (above-the-line deduction even
if you don’t itemize); ditto for education tax credits
26. Tax Cuts and Jobs Act #6
• The Affordable Care Act shared responsibility
payment remains in effect for 2017 and 2018 and is
$0 beginning in 2019
• Alimony is no longer deductible by spouses who pay
or taxable to recipient spouses for divorce decrees
signed after December 31, 2018
• Uninsured casualty losses can only be deducted if
they are attributable to a federally declared disaster
and exceed 10% of AGI
• TCJA slams NJ harder than any other state:
http://www.nj.com/politics/index.ssf/2018/03/trump_tax_plan_hits_nj_hard
er_than_any_other_state.html
27. What to Do About Your Income
Tax Withholding?
• Check your expected tax impact as a result of the
TCJA with an online calculator:
– http://tpc-tax-calculator.urban.org/
– http://taxplancalculator.com/calc
– https://taxfoundation.org/2018-tax-reform-
calculator/
• Determine the change in your tax withholding starting
with 1/26/18 paycheck; multiply amount by 25
• Compare the two numbers; adjust W-4 form as
needed
28. What to Do About the SALT Cap?
• Consider downsizing to a smaller home in your
current town to have lower property taxes
• Consider moving to another town that has lower
property taxes (Trenton, NJ to Morrisville, PA)
• Suck it up and pay more federal income tax
29. What to Do About the Loss of
Business Expense Deductions?
• Build unreimbursed (and now non-deductible) expenses into
program registration fees (if related to a program)
• Build expenses (e.g., travel) into grants or Foundation gifts to
deliver programs or conduct research
• Build up sundry account balance (honoraria, speaking fees,
etc.) to pay now non-deductible expenses
• Say “no” to actions that require unreimbursed, non-deductible
expenses (e.g., hold a teleconference instead of driving to NB)
• Establish a consulting business (consistent with RCE policies)
to deduct expenses against (e.g., professional dues)
• Suck it up and pay now non-deductible employee business
expenses fully out-of-pocket (i.e., pay more income tax)
30. What to Do About the Loss of
Charitable Contribution Deduction?
• “Make Yourself Whole” Strategy- Give what you used
to give out-of-pocket (i.e., after taking tax deductions)-
now that you can no longer itemize
• Donate appreciated assets instead of cash (to avoid
capital gains taxes)
• If over 70 ½, donate from an IRA (so RMD does not
count as income to the donor)
• “Bunch” donation funds into target years, using a
donor-advised fund to distribute funds to charities
32. Recommended Resource
“The Bible”:
Annual Limits Relating to Financial Planning
(College for Financial Planning):
https://www.cffpinfo.com/assets/2017_annual_limits.pdf
33. Federal Tax Rates
Rutgers Cooperative Extension Tax Information web
page: http://njaes.rutgers.edu/money/taxinfo/
34. Nerd’s Eye View Blog Post
For a through description and analysis of the Tax Cuts and
Jobs Act, review the blog post Individual Tax Planning Under
the Tax Cuts and Jobs Act written by Michael Kitces.
35. TCJA Tax Law Calculators
• Tax Bill Calculator: Will Your Taxes Go Up or Down? (The
New York Times):
https://www.nytimes.com/interactive/2017/12/17/upshot/tax-
calculator.html?em_pos=small&emc=edit_up_20171218&nl=u
pshot&nl_art=0&nlid=77794120&ref=headline&te=1
• Tax Calculator: What Tax Reform Means For You (Fox
Business):
http://www.foxbusiness.com/politics/2017/12/19/tax-
calculator-what-tax-reform-means-for.html
• Be sure to check the underlying assumptions!
• You will get a rough estimate-not an exact number
36. TCJA Tax Law Resources
• Congress Passes Sweeping New Tax Legislation (Iowa State University):
https://www.calt.iastate.edu/blogpost/congress-passes-sweeping-new-tax-
legislation
• Details of the Conference Report for the Tax Cuts and Jobs Act (Tax
Foundation): https://taxfoundation.org/conference-report-tax-cuts-and-jobs-
act/
• Preliminary Details and Analysis of the Tax Cuts and Jobs Act (Tax
Foundation): https://taxfoundation.org/final-tax-cuts-and-jobs-act-details-
analysis/
• Tax Cuts and Jobs Act Summary (CCH Incorporated and Wolters Kluwer):
https://goo.gl/CtJMAq
• The Final GOP Tax Bill is Complete. Here’s What Is In It (The Washington
Post): https://www.washingtonpost.com/news/wonk/wp/2017/12/15/the-final-
gop-tax-bill-is-complete-heres-what-is-in-it/?utm_term=.b82bad4b0124