One of the most notable changes with the Tax Cuts and Jobs Act 2018 (TCJA) is that the standard deduction has increased to $24,000 for joint filers (and $12,000 for single filers), meaning that the total amount of your itemized deductions must be greater than $24,000 to get a tax benefit. However, you may still be able to benefit from your itemized deductions by applying a bunching strategy to charitable contributions and medical expenses, even though certain itemized deductions have been limited or eliminated for 2018.

63% OF AFFLUENT AMERICANS SAY THEY ARE VERY OR SOMEWHAT LIKELY TO CHANGE THEIR PERSONAL FINANCIAL PLANS BASED ON THE NEW FEDERAL TAX LAW… …and … Read More