The Tax Cuts and Jobs Act is in the books. It may be seen as a benefit to individuals as well as some business structures. It’s best to discuss with your clients how they can take advantage of the new changes.
One of the most engaging topics that I cover in my Social Security education class is the impact of taxes. Most attendees at my workshops don't know that their Social Security benefits may be subject to tax. Of those few who do know, many are unsure as to how it is determined, and how much tax they are likely to pay.
When choosing the best financial product for your clients, you must take the tax advantages or disadvantages into account. The way contributions, earnings, distributions, and death benefits are taxed could dramatically impact how much your clients or their beneficiaries receive when their accounts are cashed out. Here's a high level comparison of how taxes impact your clients' different financial accounts.
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This content is for informational and educational purposes only and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action.