The time has come to review your year-end plans, and most especially this year comes with a twist, so be sure to include the odds of the looming tax changes.

Both the House of Representatives and the Senate version, though maybe be differing in some details has also lots of similarities. One thing is certain, it would revise tax brackets and pare back some tax breaks. All of these changes will apply to 2018 tax year moving forward. There will still be negotiations in the coming weeks before a final legislation get signed by the president.

The Senate wanted temporary individual cuts, such as lower tax rates, higher standard deductions and child credit, repeal AMT, tax break for the self employed and pass-through entity owners. All these provisions were proposed to be repealed by 2025.

Both the House and the Senate would like to raise the standard deductions, nearly doubling them. $24,000 for married filing joint returns and $12,000 for single filers. But, the downside is that both also want to do away with the personal exemption credit which are currently $4,050 per person on the tax return.

The Senate is also proposing an increased child tax credit of $2,000 up from

Read more ...