Estate & Asset Protection Attorney, Victoria Collier reviews some of the changes to the new tax law that will affect individual taxpayers and includes a chart that shows the new tax brackets alongside the old ones.
DECATUR, GA, February 6, 2018: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “The New Tax Law And How It Affects Individual Taxpayers.” Ms. Collier acknowledges that the new laws will not affect the 2017 tax season.
“Right now, everyone is scrambling to understand how the recently passed tax law is going to play out,” writes Collier adding, “Since none of us will fully feel the impact or understand the ins and outs before we file our 2018 taxes, all we can do is attempt to assess who is going to be hurt and who is going to benefit from the changes.”
As Collier points out, “the first taxpayers who are likely to see any difference are those who collect a paycheck. Depending on the tax bracket you are in, you may be coming home with a little more or a little less in that paycheck starting in February.” Collier provides a chart that shows the new tax brackets versus the old.
According to Collier, “Others who will be affected by the new tax laws are prospective new homebuyers.” She elaborates saying, “If you buy a home this year, when you go to file your 2018 taxes next year, state and local income taxes plus property taxes, added together, will no longer be deductible beyond the annual sum of $10,000. For some, that will make buying a house with high property taxes — or even buying at all — less attractive.” “If you’re looking at homes that require mortgages over $750,000,” says Collier, “you won’t be able to take a tax deduction on the interest for amounts above that level. Current loans are unaffected by the changes.”
Collier also states the medical deductions remain intact. She writes, “Initially, the House bill was set to eliminate the provision that allows taxpayers with high medical expenses to deduct those costs. However, that provision did not make it into law. In 2018 and 2019, medical expenses will only need to make up 7.5% of taxpayers’ income. After that, those medical costs, which include everything from prescription drugs to equipment, have to make up at least 10% of taxpayers’ income.”
The entire article can be read at http://www.elderlawgeorgia.com/new-tax-law-affects-individual-taxpayers/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.