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.
In this photo illustration, a silhouetted woman holds a smartphone with the Neuralink logo displayed on the screen. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)
Character design studio Superplastic recently raised $20 million in a Series A round. Paul Budnitz, founder and CEO of Superplastic, joined Cheddar News to discuss the financing and a new collaboration with Amazon to develop a new series.
About 45% of American households invest in REITs. Jeremy Pagan, research analyst with Morningstar Inc., joined Cheddar News to explain the pros and cons of investing in REITs.
A Republican-led House panel voted to advance a bill that would give President Joe Biden the power to ban TikTok. Chris Pierson, the founder and CEO of BlackCloak, joined Cheddar News to discuss how the process could affect other businesses.
Ahmed Riesgo, chief investment officer for financial services company Insigneo, told Cheddar News that, "the U.S. economy should be okay" for the next six months.
