Last December, Republicans in Washington passed the biggest changes to the U.S. Code in decades, and while most of the really significant alterations were made for businesses (hello, corporate tax cuts!), there are plenty that will directly affect what ordinary Americans will pay to Uncle Sam. Based on analyses done at the time, a large fraction of the middle class will find their annual tax bills shrinking a bit, but another significant share is on course to owe a lot more. As we approach the end of 2018, Motley Fool Answers hosts Alison Southwick and Robert Brokamp want to help you get a jump on tax season, so for this episode of the podcast, they’ve brought an expert into the studio: Megan Brinsfield of Motley Fool Wealth Management.
In this segment, they talk about itemizing, the new higher standard deduction, and the raft of deductions and exemptions that Congress reduced or eliminated. They also reflect on the failed attempts by high-tax states to help their residents avoid the pain of losing the ability to deduct state and local taxes, and consider what the expansion of the pass-through deduction will mean for the growing population of self-employed Americans.
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