As consumers begin thinking about year-end financial planning, it's important to address the changes brought about by the Tax Cuts and Jobs Act (TCJA) that will affect each American differently. The good news is that for millions of Americans, the new code should make filing easier since nearly 90 percent of taxpayers are likely to claim the standard deduction this year, says Senior CFP Board Ambassador Jill Schlesinger.
"There are plenty of changes to confront before beginning the progress," says Schlesinger. "Instead of taking a stab at your 2018 tax return, a good place to start is pulling last year's returns and determining two very important factors: how your 2018 and 2019 income compare with 2017 and if you're likely to itemize or take the new, higher standard deduction based on last year's deductions."
Whether you choose to itemize or claim the standard deduction, Schlesinger shares tips to make the most of your money with the new protocols in place:
Read Schlesinger's full blog post here with more details.
For more guidance on year-end financial planning, talk to a CERTIFIED FINANCIAL PLANNER™ professional today or visit www.letsmakeaplan.org
ABOUT CFP BOARD
Certified Financial Planner Board of Standards, Inc. is a professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms as the standard for financial planning, CFP® certification is held by over 82,000 people in the United States.
SOURCE Certified Financial Planner Board of Standards, Inc.
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