Per Bob Meyer's Feb. 26 letter: The big change in our tax returns this time is with deductions. Those deductions are not there anymore. For example, prepaying your real estate taxes is not going to do you any good now. The standard deduction nearly doubled for single taxpayers and married couples filing jointly, but key deductions like state, local taxes, and mortgage interest were capped at $10,000. That is hurting people in states where property and state taxes are high.
Further, the tax code suspends miscellaneous deductions, such as certain types of home equity interest deductions and fees paid to accountants and investment advisors – these can no longer be written off.
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Larry J. Davis