Maximize Deductions and Minimize Income

by | Dec 23, 2017 | *Financial Awakenings, Tax Planning

Rick had an opportunity to tell viewers of the NewsCenter1 audience to maximize deductions and minimize income in 2017.  This year will be the last year many taxpayers will be able to take many itemized deductions.  While Congress almost doubled the itemized threshold one must meet, which seems like a good thing if you don’t itemize, they also took away the personal exemption deduction.  The net gain in deductions is only $1,600 per taxpayer, which is minimal.  This means if you are one of the 30% of taxpayers who itemized you may very well incur an increase in federal taxes in 2018 and going forward! You can view the segment by clicking here.

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