Where Do You Stand Under the New Trump Tax Plan?
This time of year I don’t get to see the news on TV because of the long hours at the office. But my wife tells me I should address this.
According to the news, many people are seeing smaller tax refunds than last year due to the changes to the withholding tables. Even though their overall tax is down and their bring-home pay was more after the changes were in place, they only see and understand one thing.
My Refund is less than last year!
For many, the income tax refund at filing time has served as a source of forced savings. Savings that people have relied on for years to make major purchases, take a vacation or help pay for their child to go to school.
More people in the United States of America live paycheck to paycheck than many realize, 78% according to a recent study, especially people living in Hawaii, California or New York.
Our clients have not been caught “off guard” or shocked by the tax filing outcomes. We projected, reviewed and discussed how the new tax law would affect them this year, a year ago when we were filing their 2017 taxes.
Our technology allowed us to show the client what their 2017 tax filings would have looked like under the new 2018 tax code. As a result, my staff is not handing out surprises or shocking the clientele at my office this year.