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What’s New This Year

Every year, laws can change and affect your tax situation. Apart from the usual inflation adjustments, tax returns for 2017 will closely resemble those for 2016. One minor difference: the ability to treat mortgage insurance (PMI) as deductible mortgage interest expired at the end of 2016.

No doubt you’re aware of a December 2017 tax law that makes sweeping changes, many of which take effect in 2018. Here are some notable items:

  • Standard deduction and itemized deductions – Some itemized deductions are eliminated or subject to new limits, while the standard deduction is increased. Many taxpayers who previously itemized will begin claiming the standard deduction in 2018.
  • Personal exemptions – The deduction for personal exemptions is eliminated, but taxpayers receive an enhanced child credit.

Talk to your tax advisor for more details.

Last updated on January 31, 2018