By eliminating personal exemptions, and increasing the child tax credit as an offset, TCJA does appear to make this part of the tax code a little simpler. But does it make it better for everyone? Without regard to the impact on the rest of their tax situation, most taxpayers will probably be no worse off by trading their personal exemptions for an increased child tax credit.
Our Two Cents
The financial planning landscape can be pretty confusing. Not only is it difficult to figure out who has your best interests in mind (as the debate over the fiduciary standard is pretty confusing), but it’s also difficult to figure out who is in the business of EARNING their fee, vice collecting it. I believe in transparency and always acting in the best interests of my clients.