Some Notable Tax Law Changes for 2018
Happy New Year! I imagine that most folks are still basking in the afterglow of the holiday season, but I know there are many
of us thinking ahead towards the next major holiday of the year
– which is Tax Day, 2018, right?
The recent sweeping tax reform law known as the “Tax Cuts
and Jobs Act of 2017” brought about some changes that may affect your tax planning for the next several years. A few of the most relevant include an increase of the annual gift tax
exclusion to $15,000, important changes to ABLE accounts
and 529 Plans, and an increase in the lifetime gift and estate
tax exclusion to approximately $11.2 million for an individual in 2018 and double that for a married couple.
If you have questions about how these changes may affect you personally, give us a call at 810 229-0220.
-Lisa H. Beatty