Our country just experienced a major tax reform. In this video, we will discuss how the changes in the 2018 Tax Reform will impact you and your business. While these changes will have a major impact on your tax preparation, they bring great opportunity for you to lower your effective tax rate. Some examples of these changes include a lower marginal tax rate, a 100% increase in the standard deduction, and which tax and interest payments can be deducted for those that itemize their deduction. Combined with how Section 529 plan funds can be used and how the Affordable Care Act (Obama Care) mandate has been lifted, this will certainly be a big year for tax savings.
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