Waiting Until March is Madness

The #3 Gonzaga men’s basketball team beat #1 Duke in the Maui Invitational in what looked like a Final Four thriller.

And my Notre Dame women’s team sits atop the national rankings.

OK, enough about basketball.  I’m more interested in making sure you don’t wait until March to think about your tax bill.  That’s right, now is the time to make sure you are taking advantage of all the tax deductions you can under the new tax codes, referred to in most places as the TJCA (Tax Cuts and Jobs Act).

Rather than rehash it all here in my own words, I want to share with you this link from TaxAdvisor that was sent to me by Susan Clifford, CPA, my new accountant friend here in Fountain Hills, AZ.  From a financial planner’s perspective, the big items of note, after the generally lower tax brackets:

(1)  Greatly increased standard deduction and what that means for those who typically itemize.

(2)  $10,000 cap on income and property tax deductions.

(3)  Higher income limits for claiming the $2,000 child tax credit and new $500 credit for non-child dependents.

(4)  Tax-free use of 529 plan assets not just for college but also up to $10,000/yr/student for K-12 education.

(5)  20% exclusion for “pass through” income, directly benefiting many small business owners and landlords.

As always, if you have questions about any of these things, click on the Get-To-Know-You tab to schedule a free consultation, or hit the “Book Now” button at the top of my FB page.

For professional tax advice, you can find Susan’s contact info here.  

The Table FP does not provide tax, legal or accounting advice.  You should consult your own tax, legal and accounting advisors before engaging in any transaction.