The Tax Cuts and Job Act (TCJA) included cuts in income-tax rates, higher standard deductions, and larger child tax credits for individual tax payers. The law also allowed an estimated 99.9 percent of households protection from the alternative minimum tax.
While the TCJA benefits many, savings aren’t distributed evenly, and there’s a misconception that individuals and families will both benefit.
Plante Moran Wealth Management Tax Partner Brian Schultz notes that there may be solutions for taxpayers in close range of certain deductions. In a recent interview with Barron’s, Brian discusses situational examples around the QBI deduction, charitable donations, and bunching.