Trump’s Tax Plan and How It Affects You
What to Do Now to Prepare for Tax Changes
Updated January 05, 2018 | The Balance | by Kimberly Amadeo
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts the corporate tax rate from 35 percent to 21 percent beginning in 2018. The top individual tax rate will drop to 37 percent. It cuts income tax rates, doubles the standard deduction, and eliminates personal exemptions. The corporate cuts are permanent, while the individual changes expire at the end of 2025.
Here’s a summary of how the Act changes income taxes, deductions for child and elder care, and business taxes. Read more
HELOC loans might still be deductible under new tax plan
What’s up with mortgage rates and home loans? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
December 28, 2017 | The Orange County Register | Jeff Lazerson
If you have an existing home equity line-of-credit (HELOC) or second mortgage, do you have to fold that into a new first mortgage for it to remain tax deductible under the new tax laws?
It depends. HELOC deductibility depends on whether . . . Read more