You still have time to lower your 2016 tax bill.
MOST TAXPAYERS APPROACH the tax-filing deadline with a mixture of fear and loathing. But this year, there are reasons to be more sanguine. For one thing, because 2016 was an election year, Congress didn’t tinker much with the tax code. If your personal circumstances didn’t change last year, your tax bill probably won’t change much, either. And if you’re a do-it-yourself filer, you don’t have to get up to speed on a slew of new rules.
But next year could be a very different story. President Trump and Republicans in Congress want to lower tax rates for most taxpayers. To cover the cost, some popular tax breaks, such as the deductions for property taxes and state income and sales taxes, are on the chopping block. Any changes could affect your 2017 tax strategies, so stay tuned. Right now, it’s time to look back on 2016.
This story is from the April 2017 edition of Kiplinger's Personal Finance.
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This story is from the April 2017 edition of Kiplinger's Personal Finance.
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