Tax Strategies & Credits

Tax Pros and Their Clients Sound Off. Comparing Their 2017 to Projected 2018 Taxes Post Tax Reform.

4/24/2018

The Tax Cuts and Jobs Act brought with it a great deal when it was originally approved by Congress on December 22, 2017 — and "controversy" is undoubtedly right at the top of that list. Billed as the single biggest example of tax reform in a generation or longer, it represented $1.5 trillion in tax cuts and a massive number of long-term implications for millions of people around the country. But at its core, it's an idea that was sold on three key promises:

First, the $1.5 trillion in tax cuts would ultimately pay for themselves by the "substantial" amount of economic growth that it would create.
The major benefits of the act were directed right at the middle class.
The richest 1 percent of Americans would enjoy minimal benefits under the GOP-backed plan.

Regardless of which side of the political aisle you come down on, at face value, it's difficult to argue against the fact that all three of those things are positive. At least, on paper.

With the 2017 tax season finally complete, we thought it was important to let a number of seasoned professionals sound off about the realities of the current tax reform situation. Based on exactly what was promised when the law was initially proposed, how are things shaping up so far? Needless to say, all of them had quite a few thoughts on the matter that they were more than eager to share.

Tax Reform: The Good News

First, the positive aspects of tax reform: A number of experts agreed that many of their own clients are already beginning to reap the benefits that were initially promised with the roll-out of the Tax Cuts and Jobs Act. "I am finding that many tax payers, based on 2017 income and deductions and subject to the 2018 tax law, are actually projected to have a higher taxable income but a lower projected federal income tax for 2018," said Peter W. Flournoy, CPA.

Regina Buckley of KAB Bookkeeping and Tax Service, Inc. has had a similar experience thus far, saying that she's received "a lot of questions as to what are going to be the tax implications for next year, but no complaints so far."

The Downsides of Tax Changes

Not every change brought about by the Tax Cuts and Jobs Act has been a positive one, however. Jeffrey Hirsch, PC, said that "my low-to-middle income tax payers were disappointed at the small $250 to $500 tax savings that I projected for them" when comparing their 2017 taxes to their expected 2018 tax liability. "However, my clients in the mid-$300,000 income range may see a 10 percent tax savings, so I extrapolate this to mean that the majority of tax savings will increase as your income significantly rises into the higher levels."

Sandra L. Reed, CPA, said something similar: “Most tax payers are relieved to know that they will, in fact, pay less tax under the new tax law, but there are a few lower income elderly tax payers on a limited income who will definitely pay a little more."

Indeed, the specific ramifications of the recent tax reform seem to vary wildly depending not only on the individual, but on a range of different factors within that individual's situation. In a lot of ways, this seems to have led to more uncertainty, not less, as we head into the next few years and beyond.

An Era of Uncertainty

To that end, if you had to sum up all of the major themes that these financial experts had to offer about the aftermath off tax reform, "apprehension" would undoubtedly be a major one. Gerri Lazarre of TriMergeTax said, “Many tax payers are trying to understand how the changes impact them and are surprised that they owe less. However, many small businesses are a bit discouraged by the limitations on the new 'Qualified Business Income Deduction' for 'specified service trades or businesses.'"

Sandra L. Reed again echoed this idea, saying, “Most of my clients were apprehensive about how the new tax law will affect them. They were skeptical about what they have heard in the media and came to my office with their political biases. I have been analyzing the new tax law and how it impacts my clients and have worked hard to inform each one of them how they will be affected individually."

Regardless of your political affiliations or specific opinions on the topic, something as major as tax reform is always going to bring with it both positive and negative changes depending on the circumstances at play. Likewise, the Trump Administration has indicated that the Tax Cuts and Jobs Act is just the beginning of a much larger story — there is certainly still more work to be done. If anything, this illustrates the importance of partnering with the right financial professional for both your personal and professional taxes. They can absolutely help you navigate these uncertain early days and help guarantee the most satisfying conclusion possible in terms of taxes in the future.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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