For many taxpayers, the sweeping changes to federal tax laws enacted by Congress at the end of 2017 will be most apparent when it comes time to report 2018 incomes. Smart taxpayers should make an effort to understand the tax law changes since many decisions in the past have been based on tax consequences that no longer apply. The tax reform guide for dentists was created because it is beneficial to familiarize yourself with new tax laws and think about the wisest course of action to plan for your financial journey. As you plan, you will also pick up some strategic tips that could have the potential to help reduce future taxes.
Given that the final language in the reconciled conference report was 1,097 pages, it would be nearly impossible (not to mention tedious) to provide a comprehensive review of all the changes made, large and small.
To simplify, the attached Tax Reform Guide for Dentists is intended to provide an overview of the new tax reform law and is organized to highlight the changes likely to have the most significant impact on dentists.
It will take several years, if not a decade, for regulations to become concrete as tax court rulings provide interpretive guidance to all the changes to the tax code. In the meantime, we do know some things for sure: many of the rates and formulas have changed a significant amount so that old assumptions are now playing into a whole new ballgame, creating multiple traps for the unwary.
Download this 2018 Tax Reform Guide from Practice Growth CPA’s for an overview of the most important changes to the tax code that you’ll need to understand right now.