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Tax Planning

Tax Time is Coming! Help Your Clients Understand the Impact of the TCJA

November 14, 2018
By: Caroline Elrod

As the close of the 2018 tax year fast approaches, clients may be asking what the Tax Cuts and Jobs Act of 2017 (TCJA) really means for them.  Here are some helpful tools you can use to educate yourself and aid your clients to better understand the impact of the TCJA.   

As individuals, families, and small businesses prepare their tax returns in early 2019, they will start to see the full impact of the TCJA changes.  For now, as they prime for tax season, Pacific Life has fashioned a few resources to help both you and your clients learn more about the TCJA and its possible impacts.

The Tax Cuts and Jobs Act of 2017 Executive Summary: Short on time? Want to know the gist? The executive summary highlights the main points from the Pacific Life white paper: Tax Cuts and Jobs Act of 2017: Understanding the Impacts and Opportunities.


Helping You

The Tax Cuts and Jobs Act of 2017: Understanding the Impacts and Opportunities for Your Clients: Need a deep dive into the winners and losers of TCJA? Pacific Life commissioned Integrated Retirement to author a white paper to help you explore the impacts of the new tax law as well as oppotunities to discuss these impacts with clients.


Helping Your Clients

Tax Cuts and Jobs Act of 2017: Understanding the Impacts and Opportunities: Need a TCJA piece to share with clients? This client-focused white paper highlights the TCJA changes that are likely to have the greatest impact and introduces some strategic conversations you and your clients may want to add to your 2018 to-do lists.


Additional Resources

TCJA Savings Estimator Calculator: Want to see the numbers? Use this calculator to estimate your client’s potential income-tax cut (or additional liability) after TCJA.

Federal Tax Amounts and Limits Brochure: Review the changes brought about by TCJA for individual tax brackets, the standard deduction, the kiddie tax, and income-tax charitable deduction limits applicable to tax year 2018.

IRS Tax Reform Website: The recently launched IRS web page provides information about how the TCJA affects individuals, businesses, and tax-exempt entities.  The tax-exempt entities tab highlights how tax reform affects retirement plans, tax-exempt organizations, and tax-advantaged bonds.

 

If you have any questions regarding the new tax law or these additional resources, contact the Pacific Life Retirement Strategies Group at (800) 722-2333 or send an email to RSG@PacificLife.com.

 

 

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Caroline Elrod

Caroline Elrod is a Retirement Strategies Consultant with the Retirement Solutions Division at Pacific Life. She brings several years of industry experience to her role that includes tax planning with insurance products. Caroline enjoys educating financial professionals on creative and practical solutions to business, estate and retirement planning concerns.

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Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.

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