An increase in the child tax credit may help families realize a tax advantage even as the personal exemption is lost.
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Wealth Management Spotlight:
Tax Cuts and Jobs Act
Individual taxpayers may consider changing their planning strategies due to the shifting tax landscape under the tax reform law.
Corporations may receive a significant tax cut under the tax reform law, which includes a reduced flat tax rate and new rules around deductions.
Fewer estates will be subject to the federal estate tax under the new tax law, but estate planning is still important for investors.
Taxpayers may find some provisions of tax reform more complex as deductions shift significantly under the new law.
Tax reform legislation introduced a new tax deduction for small businesses that are structured as pass-through entities.
Investors are considering which charitable giving strategy to use if they are not itemizing deductions under the new tax law.
The tax rate schedule, recently released by the Internal Revenue Service, includes key tax figures investors will need for financial planning.
The potential for tax cuts to expire creates a challenge for financial planning and it is critical for investors to understand the new tax reform law.
An increase in inflation is resulting in a cost-of-living increase in Social Security benefits in 2018, as well as adjustments to tax-exempt earning levels.