In Part III of our series on tax reform, we examine four hypothetical scenarios. The people portrayed are fictional. You should consult your tax professional and financial advisor to understand your specific situation.
To read Part I in our series, describing the basics of the tax reform bill, click here. For Part II – 8 things you can do NOW before the tax bill kicks in, click here.
Want a quick review of your potential tax bill for next year? Click here to use a basic calculator.
John and Susan
John and Susan are 55 and 53 years old respectively. They have two children, one in a local private high school and another attending Cornell University.
John makes $150,000 a year as an executive with a local manufacturing company. Susan is a teacher and makes $80,000. Both max-out their 401k contributions each year. They live in western New York in a $320,000 home... Read More