Taxes Are on Sale: Here's How to Take Advantage

Who can resist a good sale? When prices are slashed, there's usually a great financial opportunity.

This carries over to financial planning, too. Essentially, right now taxes are on sale. Smart investors should take note of tax cuts implemented by the Trump administration and use them to their advantage.

Under the 2017 Tax Cuts and Jobs Act, our tax brackets have been reduced. For example, the 15% tax bracket went to 12%. The 25% tax bracket went to 22%. Under the taxes-on-sale concept, we have approximately seven years before they are scheduled to sunset in 2025.

So what to do?

IRAs and 401(k)s Come with Future Tax Bills

For the majority of or a through their work. We tell people, "Hey, it's great that you have a million bucks in an IRA, but think about what you're really carrying here.''