Increase in standard deduction

The new tax bill increases the standard deduction to $12,000 for individuals and $24,000 for married couples. As a result, some taxpayers may wish to accelerate their itemized deductions into 2017 because they will no longer be able to itemize in 2018.

In addition, in the future, grouping your deductions into one year and taking the itemized deduction and then taking the standard deduction the following year will be possible.

You should check with your tax advisor before doing anything because there are various other limitations, such as the alternative minimum tax, that need to be considered before doing this.

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