015 - Understanding the Complexity of the New Tax Code

George Ferullo  In this episode, KT and George discuss: Getting taxes done this yearKeeping a cool financial headWriting off state and local taxes against the federal returnThe trade off    Key Takeaways: Your total tax obligation may not change as much as you thinkNot everybody is going to save taxesAlternative minimum taxes is a method on how to calculate your tax liability (state/local taxes and miscellaneous itemized deductions)… it wasn't adjusted along with inflationOnly children under the age of 17 at the end of the tax, qualify for the tax credit  "This is a very, very complex tax code that has just been introduced to us… so tread lightly." - George Ferullo Connect with KT Thomas: https://ktsmoneymatters.com/ Twitter: KT Thomas Purchase KT's book- The Hardworking Woman's Guide to Money Learn more about your ad choices. Visit megaphone.fm/adchoices