Tax season is upon us and for the first time in about thirty years, taxes will be tabulated based on significantly different rules. This is due to the tax code changes enacted in the Tax Cuts and Jobs Act (TCJA) passed in December 2017. Though many of us have been hearing about the changes for the past thirteen months, we thought a quick refresher on some of the key pieces affecting individuals may be helpful. First things first, personal exemptions are gone, but the standard deduction has been more-or-less doubled to make up for it. Couples filing Married Filing Jointly saw their standard deduction go from $12,700 in 2017 to $24,000 in 2018. What’s more, if you are age 65 or older, a married couple can add another $2,600 to that number. This change, coupled with others listed below, should make tax filing easier for millions of households, as it is far...
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