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 200k of income living in Minnesota
- The difference between someone who has a 200k mortgage versus a 500k mortgage
- How to re-think your mortgage debt depending upon your situation
- What has changed and what hasn’t changed for a physician couple with 200k 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
How The New Tax Package Effects You- Part 2
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 Washington- 2017 vs 2018
| Total Income in 2017 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ (8,100) |
| Charitable Giving | $ (10,000) |
| Property Taxes | $ (5,000) |
| State Income Taxes | $ – |
| Mortgage Interest | $ – |
| Taxable Income | $ 158,900 |
| Tax | $ 31,376 |
| Total Income in 2018 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ – |
| Standard Deduction | $ (24,000) |
| Taxable Income | $ 158,000 |
| Tax | $ 26,639 |
Married Physicians, Filing Jointly, No Kids in Washington WITH Mortgage- 2017 vs 2018
| Total Income in 2017 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ (8,100) |
| Charitable Giving | $ (10,000) |
| Property Taxes | $ (5,000) |
| State Income Taxes | $ – |
| Mortgage Interest | $ (8,000) |
| Taxable Income | $ 150,900 |
| Tax | $ 29,202 |
| Total Income in 2018 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ – |
| Standard Deduction | $ (24,000) |
| Itemized Deductions | |
| Taxable Income | $ 158,000 |
| Tax | $ 26,639 |
Married Physicians, Filing Jointly, No Kids in Minnesota WITH NO Mortgage- 2017 vs 2018
| Total Income in 2017 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ (8,100) |
| Charitable Giving | $ (10,000) |
| Property Taxes | $ (5,000) |
| State Income Taxes | $ (12,440) |
| Mortgage Interest | $ – |
| Taxable Income | $ 146,460 |
| Tax | $ 28,092 |
| Total Income in 2018 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ – |
| Standard Deduction | $ (24,000) |
| Taxable Income | $ 158,000 |
| Tax | $ 26,639 |
Married Physicians, Filing Jointly, No Kids in Minnesota WITH $200k Mortgage- 2017 vs 2018
| Total Income in 2017 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ (8,100) |
| Charitable Giving | $ (10,000) |
| Property Taxes | $ (5,000) |
| State Income Taxes | $ (12,440) |
| Mortgage Interest | $ (8,000) |
| Taxable Income | $ 138,460 |
| Tax | $ 26,092 |
| Total Income in 2018 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ – |
| Standard Deduction | |
| Itemized Deductions | $ (28,000) |
| Taxable Income | $ 154,000 |
| Tax | $ 25,759 |
Married Physicians, Filing Jointly, No Kids in Minnesota WITH $500k Mortgage- 2017 vs 2018
| Total Income in 2017 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ (8,100) |
| Charitable Giving | $ (10,000) |
| Property Taxes | $ (5,000) |
| State Income Taxes | $ (12,440) |
| Mortgage Interest | $ (20,000) |
| Taxable Income | $ 126,460 |
| Tax | $ 23,092 |
| Total Income in 2018 | $ 200,000 |
| Retirement Plan Contributions | $ (18,000) |
| Adjusted Gross Income | $ 182,000 |
| Personal Exemptions | $ – |
| Standard Deduction | |
| Itemized Deductions | $ (40,000) |
| Taxable Income | $ 142,000 |
| Tax | $ 23,119 |
