Big tax changes are coming and most people have no idea how much it could cost them. In this episode, John L. Smallwood breaks down the real-world impact of the 2017 Tax Cuts and Jobs Act expiring, what that means for your deductions, your tax bracket, and your long-term financial outcomes. Whether you're a high-income W2 employee or a small business owner, this conversation reveals how your tax liability can increase dramatically and why it's critical to take action now to avoid major losses.
With over 35 years of experience in financial planning, John explains why reactive strategies fall short and how a proactive, integrated approach can help protect your wealth from legislative changes. If you're serious about maximizing what you keep, not just what you earn, this episode is your guide. Like, comment, and subscribe to stay informed and stay ahead.
Chapters
(0:00) Introduction
(1:05) Stop Being Reactive with Your Wealth
(2:30) Understanding the 2017 Tax Cuts and Job Act Sunset
(4:55) SALT Deduction Myths That Are Costing You
(8:40) How Tax Law Changes Affect High-Income Earners
(10:15) What Business Owners Need to Know About 199A
(11:40) The Overlooked Tax Break: Pass Through Entity Tax (PTE)
(12:50) Real Estate and State Tax Impacts in High Tax States
(15:15) The Real Opportunity Cost of Overpaying Taxes
(16:00) Final Thoughts on Proactive Wealth Planning
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