Circle Roundup: It's... the Tax Code Show!

TAXESMost people wouldn’t expect a discussion about taxes to be as riveting as a Game of Thrones marathon.

But then again, don’t you want to know what the recent changes in the tax code may have in store for your wallet beginning this year?

In our first-quarter Women's Circles series, aptly titled “The Tax Code Show,” we discussed a broad array of the Tax Cuts and Jobs Act (TCJA) of December 2017, so that participants could start to answer the big question: “How does this apply to me?”

 

If you’d like some great tips and interesting research, rounded up from our recent Circle into a handy overview—shoot us an email at mfp@mosaicfp.com and we’ll send you a copy of the presentation. 

You’ll gain a little wisdom on an array of tax topics so you can follow up as needed with your CPA and financial planner. Even tax planning could use a little script help.

 

wHAT IT COVERS: 14 Tax CHANGES THAT MAY IMPACT YOU

Circle Roundup - Tax Code show acronym de-jargonizerPart 1: Big Picture
  • Reduced federal income tax rates

 

Part 2: Changes to Exemptions and Deductions
  • Suspension of personal/dependent exemption
  • Increase of standard deduction

 

Part 3: Changes for Itemizers
  • SALT cap of $10,000
  • Mortgage interest limit reduction to $750,000 and suspension of HELOC interest deduction
  • Impact on charitable gifting
  • Suspension of misc. itemized deductions and PEASE limitation

 

Part 4: Other Tax Changes
  • Higher AMT exemption amounts
  • Doubling of estate/gift/GST exemption
  • Removal of alimony payment deduction
  • Disallowance of Roth re-characterization to traditional IRAs
  • 529 K-12 $10,000 distribution allowance
  • Kiddie tax calculation changes
  • Small business tax breaks

 

Give me that presentation!

 To get a copy of the overview for yourself, send Mosaic an email at mfp@mosaicfp.com with “Circle Roundup” or “Presentation, please” in the title, and our marketing coordinator will send you a PDF copy.

 Circle Roundup - Tax Code Show Quote

 

Interested in attending the next Women’s Circle? Sign up for the mailing list and we’ll let you know when the next round of Circles starts rolling!

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Topics: Tax Planning, Women's Circles