In simplistic terms, the Tax Cuts and Jobs Act doubled the standard deduction and eliminated several tax deductions. Ideally, less people will itemize; however, many may pay less in taxes. Let’s look at a family, married filing jointly and with three children. hensslervideo_personal_finance
Research Analyst Nick Antonucci, CVA, joins Managing Associate, Shawna L. Theriault, C.P.A., CFP®, CDFA®, and Senior Associate Jarrett McKenzie, CFP®, CWS®, to delve deeper into the Tax Cuts and Jobs Act, taking a look at how the larger standard deduction and child tax credit could affect families now that they’re losing personal exemptions.
The S&P 500 Index and NASDAQ composite kicked off the week closing at new record highs on Monday, while the Dow Jones Industrial Average closed fractionally lower for the session. The market moves were mixed on light economic news. From a sector perspective, the Utilities, Energy, and Basic Materials were among the advancers while the Healthcare and Financial sectors lost ground.