The 2019 “tax season,” during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased significantly, and fewer people are claiming itemized deductions, which have been restricted. These changes result from passage of the Tax Cuts and Jobs Act (TCJA) of 2017, which affects preparation of 2018 tax returns.
What’s Inside
- The standard deduction’s double standard
- Homeowner’s insurance protects a prime asset
- Roth solo 401(k) for (very) small businesses
- Tax calendar