Soar to Success February 2018

SOAR TO SUCCESS / February 2018 / Core Business Strategies 2017 Tax Reform: A Plain English discussion on the Tax Cuts and Jobs Act – How Tax Laws are Born By Tina Moe, CPA A re you looking for information on the new tax laws and need it in plain English? Great, I’ve created an 8-part video series that will be airing over the next few months! This article also lays the ground work so you can better understand the 2017 Tax Cuts and Jobs Act. December 20th, 2017 the House approved the Tax Cuts and Job Act which is the sweeping tax reform measure that is being discussed in the media and around water coolers andbar stools everywhere. American taxpayers are both concerned and curious about how this will affect their tax bills and rightly so. Let’s take a look at the 101 for those of you who want to learn more about the basics of how tax laws are created. Tax reform is the process of changing the way taxes are calculated, collected and managed by the government and is usually meant to make the tax system either more or less progressive, improve tax administration or provide economic or social benefits. If you’re wondering who comes up with this stuff, there are many organizations outside of the government that have been set up to reform our tax systems. Most recommendations for new tax bills come from the President but, there are a lot of people involved in advising the President on these matters. This advice can come from other government agencies like the IRS or people in business and professional industries.