I heard my nail lady/mechanic say that I should prepay my state and local tax so that I can deduct my state tax in 2017 without having to worry about the $10,000 cap on those deductions in 2018. Is that true? We love it that tax is THE HOT TOPIC these days because that means CPAs are cool again. Well....maybe not cool again, but cool FINALLY. We love the cool points, but it scares us when everyone thinks they are a tax expert because they stayed at a Holiday Inn Express la

Congress passed tax reform in the week before Christmas of 2017. This was the most sweeping tax law change since the recodification of the tax code in 1986. While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients. The act increased the standard deduction for married individuals to $24,000 and to $12,000 for single tax payers. What does this mean for

Head of Household filing status is not included on this chart. This chart was originally published on www.heritage.com