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Category: Quarterly Newsletter

What the Most Sweeping Tax Law in 30 Years Means for You

By Lineweaver Financial Group
October 15, 2018 Category: Quarterly Newsletter, Trump, Tax Law

By Mark Sipos The Tax Cuts and Jobs Act of 2017 is the most sweeping change to the tax code in over 30 years. Understandingthese new tax laws and working proactively within them can save taxpayers thousands of dollars. We would like tohighlight the major changes of this new tax legislation and how it impacts individual taxpayers. President Trumps tax plan calls for maintaining the seven brackets found under the old law, however, the new lawreduces the rates 2-3% across the various bracket income levels. Its worth noting that the new tax brackets have dramatically increased the income levels within each bracket, so more of your taxable income will be taxed at lower tax rates! There are deductions to consider as well. Changes are coming for taxpayers who take the standard deduction and for those who itemize. The Trump tax plan increases the standard deduction to $12,000 (for individuals) and $24,000 (for married couples fling jointly), effectively doubling these standard deductions under

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