The Tax Cuts and Jobs Act (TCJA), passed in December 2017, has been highly advertised as a simplification to the income tax preparation and filing process.
In fact, the TCJA is the largest tax overhaul since the 1986 Tax Reform Act and has complicated the process of completing income tax returns. It will affect every taxpayer differently. One “simplification” was to nearly double the standard deduction ($12,000 for individuals and $24,000 for married couples filing jointly) while reducing or eliminating certain popular itemized deductions. With the increased standard deduction, the number of taxpayers itemizing deductions is expected to dramatically decrease. However, there are various strategies you can employ to get the maximum benefit of your deductions from year to year. This requires careful and intentional analysis.
At MW&A we not only provide tax compliance services, we specialize in tax advice and planning. We will advise you on the current and future impact of the new tax law. As your trusted advisor, our focus is not just on the current year. To be the most effective advisors, we will also work with your attorney, personal financial planner, etc. for a comprehensive approach.
We take pride in our personalized service. For a free one hour consultation prior to March 1 and after May 1, 2019, please contact us. Our team of talented professionals is ready to help.