By: Justin Linscott, CPA, CFP®, CITP, CGMA- Principal
We have been doing our best to keep you updated on the activities taking place in Washington D.C. surrounding tax reform. The House & Senate have now voted on and passed the tax reform bill. The passage of the Tax Cuts and Jobs Act, H.R. 1 could change your tax strategies and burden. H&M is prepared to help you maneuver through this new tax climate. Changes are now truly on the horizon- from deductions that will disappear to the amount of federal tax you will pay. The highlights from the bill that could affect you are many, but to highlight a few:
*Disappearing or reduced deductions, larger standard deduction
*Substantially increases the alternative minimum tax (AMT) exemption amount
*Other year-end strategies
Our commitment to proactive tax planning remains a top priority, especially given these recent events. We have a document that explains this tax reform in greater detail while also offering advice on financial moves to make now in light of the passage of this bill. Please reach out to me (JLinscott@HolbrookManter.com) or any H&M team member for a copy of this document.