Tax strategy scan

Although designed to spur productivity, the Tax Cuts and Jobs Act could have the reverse effect.

While it offers a hefty tax deduction for pass-through income, an expert says the rules are a "convoluted mess.”

One strategy includes encouraging clients to wait until the age of 70 to start collecting Social Security benefits.

The effects are looking like "every other much-hyped tax cut of the past three decades.”

Although annuities incur taxes and costs, clients "can invest the same amount into a diversified municipal bond portfolio and pay no taxes,” an expert says.

Many are unaware that they are responsible for a majority of their medical expenses, aside from premiums and coinsurance costs.

It pays to review the differences between traditional and Roth IRAs.

Homeowners have fewer options as state and local deductions have been capped under the new law.

Combating these misconceptions may help taxpayers maximize benefits.

Although funded with after tax dollars, what clients owe will be lower than the liability on traditional IRA withdrawals in retirement.