The Washington Post
Not sure what to make of the massive tax overhaul? Don’t worry, you’ve got some time to figure it out.
While most of the changes go into effect next month — and you might see a difference in your paycheck in February — you won’t file your tax return for the 2018 tax year until 2019.
Some people started scrambling before year’s end to boost their charitable giving, prepay property taxes and get in last-minute business expenses to take advantage of deductions that are going away or being reduced. Under the tax law, there’s a $10,000 deduction limit on all of your state and local taxes, including property taxes. Meanwhile, the standard deduction has been increased. It’s going up to $12,000 for individuals, $18,000 for heads of households and $24,000 for married couples filing jointly. Because more people will probably take the standard deduction, they won’t itemize such things as donations and property taxes.
