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After 11th-hour tax reforms, advisors worked to calm clients

Source: https://cnbc.com/2018/02/21/after-tax-cuts-passage-advisors-rushed-to-stop-panicked-client-errors.html - Feb 21, 2018

The $1.5 trillion tax bill, signed into law with only eight days left in 2017, sent many taxpayers into a panic to optimize their 2018 tax liabilities as quickly as possible. Financial advisors had to move just as quickly to prevent their clients from making costly mistakes.

Residents of high-property-tax states were especially up in arms because the new law capped the write-off of property and income taxes at $10,000.

"The biggest panicky moves we know about here in ultrahigh-tax states like New Jersey were those prepaying one to three years' worth of real estate taxes," said Thomas H. Yorke, certified financial planner and managing director of Oceanic Capital Management.

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Category: General Business