The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season.
Once again, tax planning for the year ahead presents a number of challenges: What tax reform measures (if any) will actually become legislation--and when they take effect (e.g. retroactive to January 1, 2017, or a future date); A number of tax extenders expired at the end of 2016, which may or may not be reauthorized by Congress and made retroactive to the beginning of the year?; And there are the normal variations in individual tax circumstances such as the sale of a home that could bump up income into another tax bracket. With this in mind, let's take a look at some of the tax strategies you can use given the current uncertainties.