According to the Internal Revenue Service (IRS), about 75% of taxpayers take the standard deduction but could be missing out on valuable tax deductions if they can itemize. Now more than ever – with significant code changes resulting from the Tax Cuts and Jobs Act – taxpayers should strongly consider their tax planning before the year-end.
The good news is that the IRS recently issued a new publication that will help taxpayers better understand the reform to enable them to begin setting up their best possible tax scenario. Publication 5307 can be accessed with other beneficial information from IRS.gov/getready.
Publication 5307 provides information about increases to the standard deduction, suspending personal exemptions, increasing and adding credits and limiting or discontinuing certain deductions, and more.