In this episode, Luke Hail, MBA, CFP®, Financial Planner and Shareholder, and Megan Lyons, CFP®, Financial Planner, both of Foster & Motley, Inc., discuss the potential changes to the federal tax code as the Tax Cuts and Jobs Act approaches its expiration. They provide insights into what this means for individual taxpayers and small business owners, discussing actionable strategies to navigate the uncertainties of potential tax increases.
Key Takeaways:
(01:01) The origins and temporary nature of the Tax Cuts and Jobs Act.
(02:26) How the standard deduction changes may impact tax bills.
(04:04) Sunset of 529 Plan benefits for private school tuition.
(06:39) Qualified business income deductions may revert.
(10:29) Estate tax exemption limit set to be halved.
(14:11) Estate planning strategies for tax preservation.
(16:28) The role of upcoming elections in tax policy.
(23:03) Managing increasingly complex tax situations.
Resources Mentioned:
Luke Hail -
https://www.linkedin.com/in/luke-hail-cfp%C2%AE-b606679/
Megan Lyons, CFP® -
https://www.linkedin.com/in/meganlyonscfp/
Foster & Motley, Inc. | Website -
http://www.fosterandmotley.com
Foster & Motley 529 Plans: Creating a Winning Strategy for College Savings -
https://www.fosterandmotley.com/insights/2018/08/21/529-plans-creating-a-winning-strategy-for-college-savings
Connect:
info@fosterandmotley.com
+1 513-561-6640
LinkedIn: Luke Hail
LinkedIn: Megan Lyons
LinkedIn: Foster & Motley, Inc.
#WealthManagement #FinancialPlanning #InvestmentAdvisory #WealthManagementPodcast