Tax Reform 2017 Explained + Marriage Tax Penalty Update -- Friday Finances

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We are talking all about the 2017 tax reform in this episode of Friday Finances. The Trump taxes, as they are casually called, made huge changes in how the federal income tax is calculated. If you've been wanting to just how taxes work, this video is a great primer. We also take a look at how the tax reform affects the marriage tax penalty.
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Disclaimer: This video is for informational purposes only and does not constitute legal for financial advice. Please consult an attorney or certified financial planner who will put your interests before theirs.

[anilahernandez]

Hi, I'm a new follower and my boyfriend and I are becoming more serious into our relationship and are discussing marriage. I've since started research and came across your channel where you guys discussed why you aren't married. It made so much sense and I have begun binging your videos. So I just want to thank you both for putting in the time and effort it takes to research, script, edit, etc. these videos. As a late twenties millennial, I have been unaware of budgeting, finances, and everything else in between. I am working my way through it and thanks to the both of you, I am rescuing my life with paying off debts, budgeting and saving my money for the future.

Oh and Yes, a deeper dive please into the tax reform! I appreciate all of the work you guys put in! :)

[nayelove]

Please make a video with a deep dive on the tax reform

[kendram]

Wow! This was an excellent breakdown. You both are so thorough.

[abigailcomar]

Please please make a video about the tax reform! You really make things so much easier to understand!

[rachael]

Please do a deeper dive video about all the changes coming in our tax reform! I would love more in depth information.

[girlisitjustme]

Small business tax video please... love you guys!!

[dsetitoff]

Do you two offer personal financial advice? I would really like your financial advice specific to my situation.

[muthatucka]

Good summary of quite a few important topics. i kept reading, and hearing, the phrase "marriage tax penalty" but I didn't care because it doesn't affect me. This was very informative.

[AMichelleKing]

I just adore you two! Besides the awesome information that you've provided, I can't help but get a huge smile @ "Smacking that haaand!" ;)

[devinmason]

Thank you very much for doing this video. I paused the video at the 6:53 mark just to make a little note to you. Commas in the numbers listed would make reading the chart a little easier. Love you guys! Thanks for everything you do

[justinthompson]

Hi guys thanks for your presentation on the tax changes for the upcoming year I'm just had a quick question my wife and my common-law wife and low-income individuals about $32, 000 a year she grosses about 24 25, 000 and the reason we haven't gotten officially married yet is because we haven't been sure how it's going to affect us on our taxes and

[pmexplore]

Mind blown. Thank you!
This was a good overview. How will this affect people who are married, don't own a home or have kids? A lot of the deductions won't really apply. It will just be the single head of household in terms of how tax is calculated?

[Armouredb]

Its different depending on if u are employee or self employed.

[youvids]

Hey guys, I am married, my wife and i dont want to owe taxes when we file next year 2018. we have one daughter 15 years. How should we file to not pay so many taxes?

[rachaelgoldstein]

Thank you this videos make alot of sense :)

[theblerdshow]

Thanks for the video my family is similar to yours we are still weighing the pros and cons of marriage. I am a southerner so my family cares more about such things as marriage. And they understand intricate money matters, especially since none of them make as much as we do. But the marriage question does get annoying.

[MarleeDecember]

Do you all mind talking about the changes to ObamaCare?

[BY-ibew]

Interesting, didn’t know about the difference between single single vs single HOH.

[gizanglyer]

how does a $3, 000 difference in deductions mean that you pay $13, 000 less in taxes?

[joses]

my wife and i work two standard desk jobs, we have a mortgage, and have 2 kids, will getting divorced save us money on taxes (save us money) ?