By Regan Garey, CPA, DBA
At first glance, seniors may believe they are better off for taxes in 2018. But it may not be true for you. Given that taxes are complex and ‘no one size fits all,’ let’s explore the new Tax Cut Act.
The hype is that nearly everyone will benefit from the tax law changes but that has not been proven. For example, the standard deduction will be doubled starting in 2018. Fantastic, right? But… the personal exemptions will be phased out temporarily. Where will that leave you? Tough to say but odds are most are not better off regarding their tax liabilities. It depends a lot on family size and taxable income levels.