President Trump signed the Republican tax bill into law last week. While most taxpayers will not be impacted until its time to file 2018 taxes in 2019, there are ways you can be proactive now. TurboTax Chief Tax Officer Dave Williams shares his advice for planning ahead.
"For people who live in high tax states the new law poses a limit on what you can deduct in future years," said Williams. "People may consider paying property taxes in 2017 to get ahead of the tax bill limitation."
For most people the biggest change is that standard deduction is going to go up, and fewer people will be able to itemize. Williams says it is important to consider changing withholding for next year to improve cash flow.
Mortgage delinquencies rose to nearly 4% in the fourth quarter last year, according to the Mortgage Bankers Association. Howard Dvorkin, certified financial planner and chairman of Debt.com, joined Cheddar News to provide tips on what to do if you can't make mortgage payments.
Dory Wiley, president and CEO of Commerce Street Holdings, joined Cheddar News to discuss Tuesday's trading as big tech is set to report earnings. This also followed First Republic Bank posting its latest results that prompted its stock to plummet after it said deposits fell.
Colorado is set to become the first state to sign a ‘right to repair’ law allowing farmers to fix their own equipment with a bill signing Tuesday afternoon by Democratic Gov. Jared Polis.
Cheddar News' Courtney Sturgeon reports live from the options trading floor to break down the busy earnings week ahead for big tech, and the launch of Cboe's 1-Day Volatility Index (VIX1D).
