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What to Know Before You File Your 2018 Taxes

February 15, 2019

Hold on to your seats for this week’s episode of The Money Guy Show! We’re talking 2018 tax changes and planning opportunities, and it has us over-the-moon excited. As many of you know, Brian is a CPA and prepared client taxes for 16 years. Therefore, we’re sure you can imagine just how joyful he is to geek-out over this important topic we cover in this episode of the Money Guy Show.

2018 is the first year we are experiencing the effects of the biggest tax reform our country has seen in over 30 years. With change comes a lot of uncertainty as well as new planning opportunities. Be sure to tune in as we discuss all the logistical changes of filing your 2018 tax return and the tax planning opportunities to be aware of so that you take advantage of the new laws that can put more money in your pocket.

We cover a lot of ground in this show, so you may want to have your pen and notepad handy so you can jot down your notes and anything you may want to address with your tax preparer this season. Ok, let’s jump into the episode.

Here is what you will find out:

  • What is new with 2018 tax forms? We provide an overview of the new forms and go over what each form is for and which ones are new and which ones have remained the same.
  • Review of the new Schedules 1 through 6 (versus Schedules A, C, D, E, F, H, SE, 8812)
  • What has materially changed with the new schedules?
  • What you need to know about Schedule A and itemized deductions in 2018 (vs. Standard Deduction)
  • Reminder of the big changes of SALT cap and miscellaneous itemized deductions disappearing
  • Planning areas to focus on in 2018 tax return and beyond
    • Retirement savings
    • HSAs (Health Savings Accounts)
    • QCDs (Qualified Charitable Distributions)
    • Child tax credits
    • Qualified Business Income deduction of up to 20%
    • The growing opportunity for small businesses
    • Avoiding underpayment penalties

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