In Other News

Presbyterian Foundation says:

December brings the normal year-end tax tips and reminders, but this year there’s an especially important reason to pay attention – Congress has approved a new tax bill. We reviewed the recently released details of the proposed plan and have highlighted a few ideas that could help you benefit most from the changes as 2017 comes to an end.

Maximize Deductions

With the standard deduction increasing from $6,350/$12,700 in 2017 to $12,000/$24,000 in 2018 (single / married filing jointly, respectively), many taxpayers who benefit from itemized deductions in 2017 may not need to itemize in 2018. Additionally, a lower tax rate in 2018 for many people makes the case for maximizing deductions in 2017 even stronger.

This should not be considered tax advice and as always, we recommend that you speak with your personal tax advisor regarding your specific situation.