Biotech Values

[Biowatch]

OT What are the new tax rules?

I heard that you should double your charitable deductions and pay all your property taxes this year if you won't exceed the $24,400 deductible next year.

Any thoughts?

Quote from
https://www.accountingtoday.com/opinion/2017-tax-reform-proposed-individual-tax-changes-in-the-tax-cuts-and-jobs-act

Increased Standard Deduction and Elimination of Personal Exemptions

Standard deduction increased. The Act would increase the standard deduction to $24,400 for joint returns and surviving spouses, three-quarters of the joint amount for unmarried individuals with at least one qualifying child (i.e., $18,300), and half of the joint amount in any other case (i.e., $12,200). (Act Sec. 1002(a).

According to the section-by-section summary, this increase would significantly reduce the number of taxpayers who choose to itemize their deductions.

For individuals who are claimed as dependents, the Act would limit the standard deduction to the greater of $500 or the sum of $250 and the individual's earned income. (Act Sec. 1002(a))

Personal exemptions repealed. The Act would repeal the deduction for personal exemptions (which under current law is scheduled to be $4,150 for 2018, subject to a phase out for higher earners), as well as the personal exemption phase out. (Act Sec. 1003)

Effective date. The new standard deductions and repeal of personal exemptions would go into effect for tax years beginning after Dec. 31, 2017.