Saturday, November 19th, 2016

Maximize Your Deductions Now. A Trump Presidency Means You Could Lose Them

Author: Laura Saunders
Source: The Wall Street Journal
Publication Date: Nov. 18, 2016 10:00 a.m. ET
Link: Maximize Your Deductions Now. A Trump Presidency Means You Could Lose Them

Stephan: I just had a meeting with my accountant, and came home to do some research on what is likely to happen under a Trump Administration. Here is the best take on the subject I have found so far. I suggest that if your itemize your returns that you talk to your tax preparer.

The Internal Revenue Service building in Washington. This year the standard deduction is $6,300 for most single income tax filers and $12,600 for most married couples.
Credit: AP

American taxpayers should take advantage of several big tax deductions, such as charitable giving, as they are likely to be far less valuable or even disappear next year.

With the Republicans controlling both the White House and Congress in 2017, major tax changes are expected. President-elect Donald Trump and House Republicans have offered separate plans that align on some points and diverge on others. Also in the mix is a 2014 proposal from then-House Ways & Means Chairman Dave Camp (R., Mich.), which tackles tough issues.

All three plans agree on lowering income-tax rates, which reduces the value of deductions and exemptions. All three plans also take further aim at “itemized” deductions—the write-offs listed on Schedule A of Form […]

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