Browsing Tag:Tax Cuts and Jobs Act

The New Tax Cuts and Jobs Act: Maximize Your Tax Refund This Year

tax return

Two certain things in life are death and taxes. And even though much can change in the tax system, the IRS will always be there to take their portion of your income. Much indeed has changed since the 2017 Tax Cuts and Jobs Act. Many Americans this year are seeing less of a tax refund or more of a liability than they were expecting because their employers withheld less taxes on their pay-stubs last year. In an effort to reduce…

How the 2017 Tax Cuts and Jobs Act Will Affect your Charitable Donations This Year

charitable donations

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…