Year End Tax Tips Continued – Standard vs. Itemized Deduction
I’ve been on a roll lately, encouraging readers to revisit their tax planning in light of the Tax Cuts and Jobs Act (TCJA), which went into effect last year. Today, I’ll cover why it’s become so difficult to claim itemized deductions, and what that means to you. After that, I’ll cover how those who are charitably inclined might still be able to periodically itemize their deductions, with a bit of proper planning.
Tax Planning Under the TCJA Continued – Roth Accounts
As I mentioned in my last article, it’s been more than a year since the Tax Cuts and Jobs Act (TCJA) went into effect. Many of us should modify our tax planning as a result. Today, let’s discuss how to take advantage of Roth accounts, given current, lowered tax rates.
Tax Laws Changed Last Year – Did Your Tax Strategies Change Too (Including Withholdings)?
It’s been more than a year since the Tax Cuts and Jobs Act (TCJA) went into effect. It lowered tax brackets; eliminated exemptions; increased the child tax credit; and for most of us, eliminated our ability to claim itemized deductions such as income and real estate tax, mortgage interest, charitable contributions, etc.