The standard deduction for married couples rises to $24,400, for individuals it increases to $12,200, up $400 and $200, respectively. That’s the big news (that you’ve already heard).
What now? Well the key word is ‘now’. Tax advice/planning is worthless after Jan. 1. There are many strategies available going forward. But they virtually all require pre end of year planning. Later, you’re basically doing clerical work.
Now, more than ever, we are in an era of ‘portfolio real estate’ approach – looking at the larger picture, considering ‘all the pieces’ to the tax/networth puzzle.
Lets sit down. Tell me you’re long term thoughts, dreams, needs, goals, and comfort parameters.
Year-end tip: Statistically holiday season is by far best time to purchase your vacation, investment (hands off managed ‘passive’ or active), retired parental rental, student rental, & flips of any kind be it ‘wholesaling’ or hands-on. Deductions in these areas now became game changers vs the old – mostly gone – ‘itemized deductions’.