The upcoming tax-filing season
According to the law, the tax-filing season from this spring is the last one under the old tax code. Consequently, there won’t be that many differences compared to previous years.
Even so, there are a couple of things you can do early on just to be ready for the new code. For example, some taxpayers already prepaid their property taxes to deduct as much as possible. Why? Well, the new code imposes a $10,000 cap on stat and local tax deductions.
Meanwhile, other taxpayers increased their charitable contributions considerably. That’s because fewer people will claim a charitable deduction on their 2018 returns as a result of the larger standard deduction in the new law.
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