Planning Briefs
Time Itemized Deductions To Reduce Taxes
Published Thursday, October 18, 2018 at: 7:00 AM EDT
You can't have your cake and eat it, too, but this tax planning strategy lets you have a tax break and repeat it, too.An old tax tactic, bunching deductions, is used in an entirely new way to minimize your tax bill under the Tax Cuts and Jobs Act (TCJA). By planning to take the new enlarged standard deduction some years and bunching deductions in other years, you may save thousands of dollars in income taxes over two or three years. The TCJA almost doubled the standard deduction to $12,000 for singles and $24,000 for couples filing jointly in 2018. Trouble...
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