Starting this year, standard deduction will almost double (Table 1), although personal exemption is eliminated. It is estimated that only 1 in every 10 returns will benefit from taking the itemized deduction, versus 30% of all returns that itemized, based on 2013 IRS data.1 Moreover, the $10,000 ceiling on state-and-local-taxes (SALTs) further reduces the need […]
Tax Reform Is Coming. What Do We Know So Far?
The GOP tax reform effort has crossed the first hurdle – passing the House. Now the Senate is working on their version before the final bill can be reconciled and voted on. There are a number of stark differences, but drawing from the similarities between the two versions, it’s not hard to “predict” what the […]
