Tax Changes to Know About Before Year End

EP 126 | Profit Boss® Radio

2018 is almost over and it’s the first year of the new Tax Cuts and Jobs Act that dramatically overhauled our tax code as we know it. So, what do you need to know? And what things should you make sure you address before year-end? I’m going to cover all of it in today’s show.

In today’s episode, I discuss how the largest and most anticipated tax reform act passed by Congress since 1986 will affect you. There is lots packed into the Tax Cuts and Jobs Act, so I try to give a high-level overview of the details that matter most to you.

Today’s conversation should help you prepare for a successful 2019 and beyond. With the new Tax Cuts and Jobs Act taking effect this year, most of you are probably wondering how these new rules are going to impact you personally. Fortunately, you’re already getting ahead of the changes by listening to today’s episode!

Now is a perfect time to find out how the new laws will impact your tax situation so that you can take steps before the end of the year to lawfully minimize your taxes and maximize your nest egg. I also prepared a few resources for you relating to this episode. I provide access a detailed transcript of today’s episode so you can reference anything I talked about in more depth, a guide to the new tax brackets, and a Quick Reference Guide you can download for the new tax changes if you just need a fast summary of the major changes.

What You’ll Learn from This Episode

  • The 5 major areas of financial planning that correlate with your taxes
  • An overview of the new tax rules
  • What has changed under the new tax laws and what has stayed the same
  • Tax changes that are likely good news for most taxpayers
  • Tax changes that aren’t good news for some taxpayers
  • Things you can do to take advantage of new opportunities under the Tax Cuts and Jobs Act
  • Ways you can potentially offset tax exposure under the new laws
  • How to interpret these tax changes for your own situation
  • How the new tax laws affect businesses
  • How to succeed financially under the Tax Cuts and Jobs Act

Resources and Research Related to this Episode

Related Episodes and Blogs

Call for Listener Stories

Hey Profit Boss® Radio listeners! 2018 is rapidly winding down and I’m preparing a special episode that celebrates you! But, this special episode requires your help.

  • If you have crushed a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big plans for 2019, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them in a special year-end episode of Profit Boss® Radio.

Email your audio clip to [email protected]. And we’ll be in touch if we plan to air your story in a few weeks! Thanks ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to [email protected]

I can’t wait to hear your questions!

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Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media, nor does either entity offer tax advice. Any of the information presented is for illustrative purposes only and should not be taken as investment or tax advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.