There’s been some BIG changes lately with taxes and they are likely to impact you in a big way!
You may have heard of the tax reform package, called appropriately, The Tax Cut & Reform Bill.
However, it may not be a win for everyone. Listen into this podcast and discover why.
In this podcast, you will find…
- LOTs of numbers and calculations that may leave your head spinning
- What has changed and what hasn’t changed for a physician couple with 400k of income living in Minnesota
- What has changed and what hasn’t changed for a physician couple with 400k of income living in Washington state
- How tax brackets have shifted and why that may be creating winners and losers
Resources Mentioned or Should Have Been Mentioned In The Podcast That You Should Explore Further
How The New Tax Package Effects You- Part 1
3 Awesome Tax Deductions I Didn’t Know with Craig Cody
Why Proactive Tax Planning Will Change Your Life with Diane Gardner
What The 2018 Tax Brackets & Standard Deduction May Look Like Under Tax Reform
What Your Itemized Deductions May Looks Like Under Tax Reform
Make These 5 Tax Moves Now Before the Law Kicks In
Here are the $5 Trillion of Winners and Losers
Tax Brackets in 2017 vs 2018
Married Physicians, Filing Jointly, No Kids in Minnesota- 2017 vs 2018
| Total Income in 2017 | $ 400,000 | Total Income in 2018 | $ 400,000 | |
| Retirement Plan Contributions | $ (30,000) | Retirement Plan Contributions | $ (30,000) | |
| Adjusted Gross Income | $ 370,000 | Adjusted Gross Income | $ 370,000 | |
| Personal Exemptions | $ (8,100) | Personal Exemptions | $ 0 | |
| Itemized Deductions | $ (44,000) | Standard Deduction | $ (24,000) | |
| Taxable Income | $ 317,900 | Taxable Income | $ 346,000 | |
| Tax | $ 80,157 | Tax | $ 74,100 | |
| Total Savings (Loss) | $ 6,057 | |||
Married Physicians, Filing Jointly, No Kids in Washington- 2017 vs 2018
| Total Income in 2017 | $ 400,000 | Total Income in 2018 | $ 400,000 | |
| Retirement Plan Contributions | $ (30,000) | Retirement Plan Contributions | $ (30,000) | |
| Adjusted Gross Income | $ 370,000 | Adjusted Gross Income | $ 370,000 | |
| Personal Exemptions | $ (8,100) | Personal Exemptions | $ 0 | |
| Itemized Deductions | $ (15,000) | Standard Deduction | $ (24,000) | |
| Taxable Income | $ 346,900 | Taxable Income | $ 346,000 | |
| Tax | $ 89,277 | Tax | $ 74,100 | |
| Total Savings (Loss) | $ 15,177 | |||
[…] How The New Tax Package Effects You- Part 2 […]