Like it or not, it’s tax season and the days are fast approaching where you’ll need all your receipts and additional paperwork together so that you can have a stress -free experience with your tax preparer.
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This is the first tax year under the Tax Cuts and Jobs Act – an overhaul of the code that doubled the standard deduction ($12,000 for singles and $24,000 for married-filing-jointly in 2018), and eliminated personal and dependent exemptions (formerly $4,050 for yourself, your spouse and each dependent).
Consequently, now is the time to reach out to your financial advisor for help and support with making sure that your finances are in order. Above all, contacting a financial advisor can help you to create strategies for eliminating financial risk and building wealth over a long term period. Essentially, a financial advisor can give you a game plan that puts you on track to achieve your financial goals.
In recent years, the finance sector has been increasingly influenced by advancements in marketing and as a result, the financial services industry has been able to benefit from developments in technology and software such as appointment setter services. You can learn more about the benefits of these tools by heading to the LeadJig website.
The law also placed limits on itemized deductions, including a new $10,000 cap on state and local tax deductions.
Filers with children will also notice the child tax credit is now $2,000 per kid under age 17. Though the amount of the credit is up from $1,000 per child, this boost is only in effect from 2018 to 2025.
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