We are finally digging our teeth into the new tax laws … they are not 100% set in stone yet as there are many unanswered items… and likely IRS statements that will clarify and change items as the year progresses…
There is one item we are pretty confident-
Clumping of Expenses
We are going to speak at length on this over the year, so not to worry about being reminded…
The new standard deduction amount is $12k – Making for a hefty hurdle to itemize for married couples ($24k), especially with a NEW $10k SALT (State and Local Taxes) deduction limit…
Are your eyes glazed over yet? It’s ok, we will be digging deeper into this throughout the year ….
Drawing from IRA’s is also in play under the appropriate circumstances … look for more on this shortly as well…
Today is a Friday … and while a little heavier than our normal post for the weekend … it sets us up for what is to come on our tax talks… get out and have some fun … talk to you next week!
Oh… and for those wondering, the 13 year old had 9 matches total and won 6 – in some VERY HOT conditions… All good!
John A. Kvale CFA, CFP
Congratulations to our talented Sofia
Sent from my iPhone
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