By John Foley, CFP®

As you’ve no doubt read in the news, the Tax Cuts and Jobs Act of 2017 is about to become law. And while the bill contains over 500 pages of changes to the tax rules for corporations, privately held businesses, and individuals, what you’re probably wondering most is: How will the tax plan affect me?

There are three big changes in the Tax Cuts and Jobs Act that will impact most individual taxpayers:

1) New income tax brackets with lower rates for most taxpayers

2) A higher standard deduction—$12,000 for single filers, $24,000 for married filing joint

3) A $10,000 limit on the combined deduction for state and local income and property tax (and that’s the same whether you’re single or married)

While you can’t change the rules, there are things you might be able to do to potentially lower your overall tax burden this year and next, namely, shifting certain deductions into 2017 and certain income into 2018. But the clock is ticking: These provisions are expected to go into effect on January 1, 2018, so December 31 is the last day you can do anything that impacts your 2017 taxes.

Here are a few important actions you could take before the new tax bill kicks in. Ask your tax preparer if they are right for you.

SAN FRANCISCO, Calif. – December 8, 2017 – SoFi announced today the closing of its $769 million offering of SoFi Private Student Loan notes (SoFi 2017-F).

The closing marked the company’s 12th ABS transaction this year, bringing its total issuance in 2017 to $6.9 billion, up from $4.2 billion in 2016. The 2017 total includes six Student Loan ReFi and six Consumer Loan transactions.

The 2017-F closing maintains SoFi’s ranking in the top ten ABS issuers for 2017, highlighting its industry leadership. In 2017, SoFi became the first Student Loan Refi issuer to achieve AAA ratings from Standard & Poor’s, Moody’s and DBRS, and the first Unsecured Personal Loan issuer to achieve AA ratings from S&P, Kroll, and DBRS.

“We’re very gratified by the expanded investor participation in our securitizations this year, which reflects well on the strength of our lending and underwriting, “said Ashish Jain, Senior Vice President of Capital Markets for SoFi. “This year, the number of investors participating in our securitizations has risen to 158 from 115 in 2016.”

The 2017-F securitization was heavily subscribed, with 38 unique investors and $2.3bn in total orders. Joint lead managers were Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

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SAN FRANCISCO, Calif. – November 10, 2017 – SoFi announced today the closing of a $727 million issuance of SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”) notes. It is SoFi’s largest offering of securities backed by consumer loans and is the company’s 11th ABS transaction this year, bringing SoFi’s total issuance for 2017 to $6.1 billion.

“SoFi’s securities have performed well in the market, and investor demand for this offering was strong with over $2.2 billion of orders,” said Erica Dorfman, Vice President of Capital Markets for SoFi. “There were 39 investors in this deal, including five new institutions.”

SoFi has established its place as one of the country’s 10 largest sponsors of asset-backed securities, completing 14 deals over the past year totaling $6.5 billion. Rating agencies have raised their ratings on 12 previous SoFi securitizations, reflecting the strong performance of the underlying loans. Joint lead managers on SCLP 2017-6 were J.P. Morgan, Deutsche Bank, Goldman Sachs, and Mizuho Securities.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
SoFi PR
[email protected]

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