OK, as we are sorting out what was passed in the tax plan, here are a couple changes (starting for 2018) that may affect the non-corporate taxpayers:

• No more dependent exemptions - large families and married couples all get a increased standard deduction (almost doubled), and no more counting dependents. So, large families who had the deduction for lots of kids, lose that advantage.

• W-4 forms that you have filled out for your employer will need to be re-signed as the "Married and claiming 5 exemptions" is no longer the lingo.
• Tax planning will be needed - give me a call. There is a big difference between tax preparation and tax planning.

Stay tuned as I will send other updates and clarifications.