The Tax Cuts and Jobs Act passed by congress in late 2017 came with a lot of changes. Among the most notable is the raising of the standard deduction to $24,000 for couples, $12,000 for singles, and $18,000 for household heads. This is almost double what the standard deductions were before the new law. According to Evan Beach, CFP® of Campbell Wealth Management in Alexandria, VA, this raise in the standard deduction makes it so that only about 10% of…
How the 2017 Tax Cuts and Jobs Act Will Affect your Charitable Donations This Year
