As much as taxes might not be on your mind with the merriment of the upcoming festivities, it’s not too soon to start thinking about filing your 2018 tax return.
When it comes time to file your 2018 taxes, be mindful of changes from the Tax Cuts and Jobs Act of 2017. “For instance, miscellaneous itemized deductions are no longer available, the personal exemption has been eliminated, the SALT (State and Local Tax) deduction has been reduced, and more. This will interfere with you bringing your total taxes down when filing your tax return, especially if you’re in a higher tax bracket,” says Manisha Hansraj, a tax expert with Rapid Filing Services.
Joshua Escalante Troesh, founder of Purposeful Strategic Partners, believes 2018 will see a massive shift in how taxes are calculated for most Americans. “Not only did the recent tax reform bill adjust the tax brackets, but it also eliminated or limited most tax deductions and increased the Standard Deduction. As a result, the majority of people who previously itemized deductions will find the Standard Deduction now is a better deal.”
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