Say goodbye to mere tax prep and hello to tax planning. The Tax Cuts and Jobs Act took effect in 2018 and disrupted the way Americans file their taxes, plan their charitable giving and decide whether to head for income tax-free states.
This confounded taxpayers, as they measured the success of the new tax law based on whether they had bigger refunds.
for the year versus lower tax bills in April," said Jeffrey Levine, CPA and director of financial planning at BluePrint Wealth Alliance. "They had a lot of exemptions that weren't adjusted going into 2018, which caused the underwithholding," Herron said. "This was actually a common thing we saw for people between 2017 and 2018."With the standard deduction being nearly doubled, significantly fewer people claimed itemized deductions — which include write-offs for mortgage interest, medical expenses, state and local taxes, and charitable giving.
Taxpayers now must weigh whether it makes sense to incur certain expenses if they are less likely to itemize.The organization"If you're 65 and married to someone who's 65, you have to exceed over $27,000 in itemized deductions, and you'll see no benefit until you get to more than $17,000 in charitable contributions," said Levine. "Very few people who are retired are doing that.
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