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Gainesville Florida Estate Planning & Elder Law Blog

Wednesday, February 7, 2018

Seniors and the New Tax Law

There has been a lot written over the last month or so about the impact of the new tax law on seniors.

Passed and signed into law in December, this new law marks the first time the tax code has been changed significantly in more than 30 years. With that said, there is still much we are learning about the implications of the new law.

We have taken an article from January The ElderCounselor™, a bi-monthly newsletter from ElderCounsel and placed it here for you to review.  As far as seniors go, according to ElderCounsel, the new law is mixed – and in some ways it is very different than what we were hearing during the months leading up to passage of the law.

One piece of good news for seniors is that the tax-law changes do not affect how Social Security and investment income are taxed. In fact, with the doubling of the standard deduction, many seniors may benefit from the way the new law is set up. The new tax brackets and rates could be beneficial as well.

There is a lot more to the law. And much of it has implications for seniors. We will learn more over the coming months, and as we do, we will report any new information to you. If you have specific questions or concerns, you may want to consider talking to your accountant.



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