Yes, the standardized deduction has changed. The Tax Cuts and Jobs Act (TCJA) has basically doubled the standard deduction — currently set at $12,000 for individuals and $24,000 for married couples filing a joint return. This increase makes it much more favorable for taxpayers to file their tax returns using the standardized deduction as opposed to itemized deductions.
The Internal Revenue Service (IRS) taxes just about every financial transaction. There are some exceptions, often justified by the fact that encouraging taxpayers to partake in the excepted activity is in the country’s best interest. One example: saving for retirement.
A 529 plan is a savings account that is set up to offer tax-advantages for those who invest in their children's higher educational expenses. These plans have evolved over the years, most recently with the passage of the Tax Cuts and Jobs Act (TCJA) at the close of 2017.
Recent tax reform will impact businesses, large and small. This piece focuses on considerations regarding the impact of the change on business losses.
President Donald Trump’s new tax law has resulted in significant tax changes. These changes apply to tax years 2018 through 2025. Without Congressional intervention, these changes will end.
The Tax Cuts and Jobs Act of 2017 has changed a number of income tax provisions. As a result, it may be wise to review your income tax planning strategy. Four specific changes to the tax code that may trigger an update to your plan include:
The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) is coming to a close. The program began in 2009 and modified versions have been used since its inception. It offers United States taxpayers the ability to voluntarily report foreign assets and come into compliance with applicable tax obligations.
Changes to tax law can impact one's current and future tax obligations and financial planning strategies. As a result, it is wise to have a basic understanding of the impact of tax reform.