Make Taxes Great Again: The Good, the Bad and the Ugly About Tax Reform

By Patrice Tudor

WHY IT’S IMPERATIVE THAT YOU OWN
THIS BOOK:
Find out what is good, bad and ugly about the Tax Cuts & Jobs Act (TCJA) and how it will affect you.
Breaks down the complicated tax laws into plain language tax tips that are simple and easy to understand.
Brings clarity to the monumental tax reform
Find out the importance of why you should conduct a paycheck checkup
Discover how tax reform has impacted Unemployment, Employers and Businesses

• Language: English
• Publisher: AuthorHouse
• Release date: Dec 10, 2018
• ISBN: 9781546270959

Patrice Tudor

Patrice is a credentialed Tax Advice Strategist, Author, Speaker and Philanthropist. She brings a wealth of knowledge about tax reform and tax strategies that educates, empowers and advances everyone that seeks her advice. If you would like Patrice to be a moderator, panelist or keynote speaker at your upcoming event please contact her staff at [e-mail]

Book preview

© 2019 Patrice Tudor, EA. All rights reserved.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.

Published by AuthorHouse   12/06/2018

ISBN: 978-1-5462-7096-6 (sc)

ISBN: 978-1-5462-7095-9 (e)

Library of Congress Control Number: 2018914278

Any people depicted in stock imagery provided by Getty Images are models,

and such images are being used for illustrative purposes only.

Certain stock imagery © Getty Images.

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Table of Contents

Introduction: What Is The Tax Cuts & Jobs Act and What You Should Know

Chapter 1     The Good, The Bad and The Ugly – What Does TCJA Mean For You and Your Family

Chapter 2     The Good – You and Your family

Chapter 3     The Bad– You and Your family

Chapter 4     The Ugly – You and Your Family

Chapter 5     No Change – You and Your Family

Chapter 6     What Does TCJA Mean For Solopreneurs, Entrepreneurs and Business

Chapter 7     The Good - Solopreneurs, Entrepreneurs and Business

Chapter 8     The Bad - Solopreneurs, Entrepreneurs and Business

Chapter 9     The Ugly - Solopreneurs, Entrepreneurs and Business

Chapter 10   Employment Impact

Chapter 11   Paycheck Checkup

Chapter 12   Make Forms Great Again

Summary

FAQ

Appendix A

Bibliography

Dedication

This book is dedicated to three very amazing women in my life.

Patricia Brown, Nyla Ward and Sonia Booker

Introduction

What Is The Tax Cuts & Jobs Act and What You Should Know

On December 20, 2017, Congress passed the largest tax reform legislation in more than three decades ago, actually since 1986. The House approved H.R. 1, now known as the Tax Cuts and Jobs Act, or TCJA. This sweeping tax reform was passed, by a vote of 224 to 201. The new tax reform which was signed into law On December 22, 2017 by President Donald Trump brings sweeping changes to how Americans report and pay taxes. The new tax reform makes monumental changes in the tax laws for both individuals and businesses. Many of the individual tax provisions in the Tax Cuts and Jobs Act are only temporary with no guarantee that a future Congress will extend them. The changes for individual taxpayers took effect in 2018 and are scheduled to sunset after 2025. Conversely, most of the business provisions in the new law are permanent.

Most of the provisions kicked in on January 1, 2018 and therefore they didn’t affect 2017 tax filings but will greatly impact the 2018 tax season. Much of the tax reform applies to tax years beginning before Jan. 1, 2026. In order to meet budget, most of the changes contain a sunset, or an expiration date and are temporary for over 5 years so that it can comply with certain budgetary constraints. Which means that in 5 years tax legislation could have another drastic change and revert to former legislation or remain the same

Based on my most current analysis of the tax reform and from an abstract point of view the summary of the research concludes that the winners of the tax reform are Entrepreneurs (self-employed), Business Owners, Corporations and Real estate investors. And do you know Why? Because the single most important worldwide strategy if you want to obtain and retain wealth is to engage in legal tax strategies that educate