Loss of Tax Deductions, Gains of Tax Credits—An Example
In simplistic terms, the Tax Cuts and Jobs Act doubled the standard deduction and eliminated several tax deductions. Ideally, less people will itemize; however, many may pay less in taxes. Let’s look at a family, married filing jointly and with three children. hensslervideo_personal_finance
Loss of Tax Deductions, Gains of Tax Credits
Research Analyst Nick Antonucci, CVA, joins Managing Associate, Shawna L. Theriault, C.P.A., CFP®, CDFA®, and Senior Associate Jarrett McKenzie, CFP®, CWS®, to delve deeper into the Tax Cuts and Jobs Act, taking a look at how the larger standard deduction and child tax credit could affect families now that they’re losing personal exemptions.