Helpful miscellaneous articles
regarding our retirement plan and planning.
Like you, I review my retirement nestegg and plan from time to
time. Recently, I went though some continued
education for some credentials I maintain and it occurred to me that we all
could use a review about these issues.
So with your help, we will share and post articles and info that may be
helpful and of interest to many of you in this section.
The GOP tax overhaul kept this $1,300 tax break for seniors
- · GOP bill doubles standard deduction to $12,000 for singles, $24,000 for married couples.
- · Individuals over 65 or blind -- and married -- can claim at least $1,300 more in deductions.
- · The break is $1,600 for singles.
Seniors can still grab this tax break under the new tax law: the
additional standard deduction.
The "Tax Cuts and Jobs Act,"
which President Donald Trump signed into law on Dec. 22, doubles the standard
deduction to $12,000 for single filers and $24,000 for joint filers who are married.
The legislation also leaves intact the additional standard deduction (https://www.irs.gov/taxtopics/tc551
) for filers who are 65 and over or blind, allowing them to claim an additional
$1,300 when they file their 2018 taxes.
This
means that two married taxpayers
who are both over 65 can lower their taxable income by an extra $2,600.
Single filers who are blind or over 65 are
eligible for a $1,600 additional standard deduction, on top of the $12,000 they
get from the new tax law.
~~~~~~~~
(As
with any of these informative articles, anyone who needs someone to talk to
about
this
very subject contact me and I can direct you to a knowledgeable advisor).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Full post disclaimer in left column. PCN Home Page is located at: http://pcn.homestead.com/home01.html
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