You won’t have to apply the federal tax reform changes until you file your return next year, but Bloomberg.com says there are some things you can do in 2018 to prepare.
While there has been a lot of confusion over the new law, writer Suzanne Woolley says, “The changes don’t affect taxpayers for the 2017 filing season, which officially begins (today) when the Internal Revenue Service accepts its first returns.”
Among her recommendations are:
- Preview your 2018 taxes while doing 2017’s;
- Rework your withholding ;
- Watch for State and Local Tax Deduction workarounds; and
- Bunch up your charitable contributions.