How does the new tax law affect your taxes?
Since everyone’s circumstances are different please contact us to get the details specific to your situation.
The following is an example of how it affects one taxpayer. Meet Donald Swartz. Don is a sixty-three-year-old retiree, with two grown kids that live on their own. He owns a condo valued at $250,000 with no mortgage. Don has about $500,000 in his retirement accounts and about $200,000 in non-retirement accounts. Don has recently retired and wants to know how the new tax law will affect his taxes.
Don does not itemize his deductions, so he will benefit from the increased standard deduction. Don will also lose his personal exemption. However, he will come out much better with his increased standard deduction even with the loss of his personal exemption.
Overall, Don will benefit from the new tax law. However, he needs to be aware of these tax changes to maximize his benefits. Contact us at 727.310.8106 or [email protected] to learn how you can get the most out of the new tax law!