In the final days of 2017, Congress enacted sweeping changes to the federal tax code as a part of the Tax Cuts and Jobs Act.
Under the Tax Cuts and Jobs Act, you are no longer able to take an itemized deduction for investment advice expenses. In the past, you were able to deduct fees paid for advisory services, subject to certain income limitations.
The ability to deduct advisory fees reduced your overall tax obligation and, in effect, reduced your cost of investing. The new law effectively raises the cost of advice to those of you who could deduct advisory fees in the past.