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Tax cuts & Job Acts


Terry D EA

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Drake provides a potential looksee for 2018 based on information from the 2017 tax year. The outcome is assuming the tax cuts and job act would be in place for 2017. What I have noticed is for folks to be careful how they use this. The child tax credit always shows the new increased value. But, if a child turns 17 during the 2018 tax year, the calculation does not take that into consideration. Everyone needs to advise their client that is a potential and explain the differences. Other words, don't take the bottom line as comfort zone of what next year looks like. I have been telling client's that I would need to do a full estimate to give them a more accurate picture.

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Exactly!  I'm not using that schedule at all and would rather print out a 2018 projection.  When I prepare a projection, I also like to use the comparison feature from within the tax planner section that is a good summary and starting point for the discussion, and it shows the effective and marginal rates.  Unless it is a very basic return, I usually also print the projected 1040 and maybe Sch A too if there are significant changes from the prior year.

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