Keeping up with the Speed of Change: What the Future Holds

         There has been much discussion and debate over this past year. We have all done our best to get an understanding of what the future of taxes will look like. In January, the theories will end, and the tax filings will begin. However, this is only the start of the changes in store. Let’s consider the example of tax brackets and rates.
          A year ago, we wrote a post that covered the topic of tax brackets and rates. There are 7 rates that range from 10% - 37%. The brackets will change depending on the filing status. This information was understood at the end of 2017. There are new tax brackets that have been released, but they will apply to when filing taxes in the year 2020. There are aspects of the Tax Cuts and Jobs Act that will change year by year.

          For Taxpayers who are not planning any big changes, all that is needed is to keep an eye on the progressive nature of the tax bracket. The difference will be seen. For everyone else, the time to prepare is now! Do you understand that, next year, you can no longer deduct job expenses? Did you know that medical expenses can only be deducted if they exceed 10% of your income? Information like this can have a great impact on your financial outlook. Plan now for the coming year.

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