Congress passed the Tax Cuts and Jobs Act in December of 2017 which is aimed at cutting taxes for corporations and all Americans. While the bulk of the legislation went into effect January 2018, most taxpayers will not see much of a difference in their taxes until 2019, when they file their 2018 taxes. However, there are several important changes seniors need to be aware of now that could...Read More
The Tax Cut and Jobs Act of 2017 has doubled the Federal Estate and Gift Tax exemption amount from $5.6 million to $11.2 million (2018 numbers). This means that if you are married, under portability rules, you and your spouse have a $22.4 million federal estate tax exemption (at least through 2026).
Many people may not have paid too much attention to these new numbers. They believe their...Read More