Mike is a tenured CPA who has a lot to say about the new tax law, the Tax Cut and Jobs Act (TCJA).
Unfortunately, because the tax code is so complex and this is the first major change to it since 1986, there is a lot of confusion about it.
However, my friends, do not let confusion deter you from understanding as there is a lot of money at stake. It is up to you to know how YOU could be affected. You can start by watching Mike’s episode on this here.
Now, be advised, relying solely on your tax advisor or financial advisor may not be enough. Mike talks about the number of tax advisors retiring now due to the complexity of the new code. Change always causes commotion. But, again, this is YOUR money we’re talking about so it’s imperative YOU have some knowledge of how you can keep more of it!
In fact, I argue that the code will actually become a lot LESS confusing in the next year, after the dust settles and it’s been in place for a bit. The 1040, for instance, will have a WHOLE new look to it in 2019. If you’re used to saying “Line 37 = AGI” I imagine you’re going to have to deal with some change. Maybe AGI will be on line 18 or something? How nice would that be?
Simplification CAN lead to short term confusion but in the long run, simplification is a good thing. So, don’t throw up your hands and say “I can’t figure this out!” and walk away from your understanding of the new code. It’s YOUR money! Did I say that yet???
Subscribe to Mike’s YouTube Channel. Listen to podcasts episodes such as this one. Read as much as you can and you’ll gain a knowledge that most refuse to obtain. With that knowledge you will be much better positioned to improve your financial life.
This episode will help you do just that.