The Tax Cuts and Jobs Act of 2017 Explained – Changes Begin in Tax Year 2018

President Trump’s tax reform, the Tax Cuts and Jobs Act of 2017, is some of the most sweeping tax legislation that we’ve seen since the Tax Reform Act of 1986 under Ronald Reagan. This new tax reform is effective for tax year 2018 and beyond, and as of this recording, the changes are scheduled to sunset in 2025.

In this video, Matt Horsley, CFP® from Pure Financial Advisors gives a brief overview of how these tax cuts affect you.

Important Points:
(00:29) – Lower Tax Brackets
(01:29) – Exemptions, Standard and Itemized Deductions
(01:58) – State and Local Tax Deduction (SALT Deduction)
(02:34) – Home Mortgage Interest Deduction
(03:04) – Home Equity Line of Credit
(03:13) – Estate Tax
(03:30) – New Deduction for Small Business Owners
(03:55) – Roth Conversions

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• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

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Here come the new rules for 2018 all the way through 2023! This is a super important video to watch because if you miss any of those rules the consequences could be catastrophic! Is the Standard Deduction better than Itemizing? Or is itemizing better than the Standard Deduction? Watch my video to find out!

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Click Here to Leave a Comment Below 18 comments
Yg Bodybuilder

How bout this I was thinking keeping exempts at 10 all year but also have additional money coming out when I feel the need to.?

Yg Bodybuilder

So basically I should just claim 10 all year and get all my money up front

sema acevedo

Trump screwed the middle class family!! And yet He hasn't paid his Taxes!!..So wrong!!!!!!

Lucy L

Great video wit tons of information!! Thank you so much!!


I have personal property and i paid 12k mortgage interest and around 2k mortgage insurance. Can i claim 14k under standard deductions Schedule E planing section ?

David Folloni

Mark – you;re explanations are very clear and easy to understand…thank you for putting things in simple terms. i will look for more are a very good teacher…thx again.


Thank you, Mark. Love all your videos.

Connie Bach

My 12K mortgage interests and 25K worth of repairs on a rental properties didn't do a thing, not even a dollar difference to my return! Yup.

Al Ramz

Thank u so much for this video. I was very confuse with itemized & standard deduccion. ✌

Celia Gorleski

You still can include medical insurance premiums in the medical deduction category unless your employer is paying the medical insurance. Of course the total of your medical expenses still has to exceed 7.5% of your adjusted gross income and next year it will be 10%. And they did away with what is called the miscellaneous deductions that exceeded 2% of your adjusted gross income but there is still another place for deductions that you can find listed in the material from the IRS. One example is gambling losses. You can deduct your losses not to exceed your winnings. I only know that because it applies to me. But people should still check the list of what they can deduct in this category you did not mention.

Celia Gorleski

What we got was a bait and switch scam. I lost over $16,000 of exemptions and gained $12,000 in standard deduction. So unless I itemize I'll be taxed on $4000 more income and my husband and I get no benefit for turning 65 in 2018. I guess it's good we're raising two grandchildren to get the child tax credit. However, most middle class people in our age bracket won't get that credit and their taxes will go up. My best friend owes for the first time in 15 years. What this new program will do is encourage people who can't afford the children they have, to have more children. Thank goodness I have enough casino losses to itemize. And medical.

Renee Paz

Can I still deduct business expenses from my single member LLC and add it on top of the standard deduction?

Angel Ripper

I thought medical expenses weren’t deductible this year?

J Van

Seems like only the Rich are affected by these changes, humm changes coming from a Very Rich ex-Toupee Tycoon !! Prob the peasants and us "lowlies" still file Standard, go figure.


Nothin good about this


It sucks


Wow middleclass got ffff

Jwxo Weeye

What happened to tax breaks?


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