Planning for 2018 - Itemizing vs. Taking the Standard Deduction

What does the 2017 vs 2018 standard deduction look like?

Filing Status

2017 Tax Year

2018 Tax Year (new tax law)

Single

$6,350

$12,000

Married Filing Joint

$10,700

$24,000

The increase in the standard deduction, and limitations on itemized deductions under the Tax Cuts & Jobs Act (“TCJA”) has many people wondering if 2017 was the final year they will itemize their deductions.   Examples of itemized deductions, taken in prior years, to name a few, include:

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Your March Madness Bracket Might Cost You More than the Buy In at Tax Time

March Madness 2018.  The Big Dance is finally here, bringing days of non-stop basketball excitement and often, an office pool or two.  There are a few things we can count on this time of year; first the quick switch of the screen from March Madness games to the Wall Street Journal as the boss walks by, and second, that the co-worker who organized the tournament office pool isn’t going to send you a W-2G detailing your winnings. 

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It's Not Too Late...2017 Tax Savings Opportunities to Implement Before April 17th!

I wrote a similar blog last year but I think it is important to remind people that…

There are still tax savings strategies, for tax year 2017, you can implement before the April 17th tax deadline. Two major opportunities, which I have outlined in further detail below, include contributing to a Health Savings Account, and contributing to an IRA.

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Tax Breaks Extended for 2017?

On Friday, Congress approved a bill that extends tax breaks that expired at the end of 2016 through 2017.  I know what you are probably thinking…it is the middle of February 2018 and Congress just passed a bill to extend provisions for tax year 2017?!?

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How a New York State Bill may Protect Residents from a $1.5 Billion State Tax Hit

With all of the federal tax changes starting in 2018, one of the questions that follows is how does this impact New York?  Some good news for New York residents is the NYS Senate passed a bill to protect taxpayers from a $1.5 Billion State Tax Hit, from changes imposed under the Tax Cuts and Jobs Act.  However, the bill still has to go to Assembly, and then to Governor Cuomo for approval.  NYS residents are not in the clear from this tax hike yet.

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