The 2019 tax filing season will be very different from recent ones for many taxpayers, and not just because of the 2017 tax cut legislation. The law cut marginal tax rates and added some tax credits, but it also eliminated some deductions.
1. Fallout From Tax Law
As a result of the 2017 tax legislation which, among other changes, doubled the standard deduction but eliminated the personal exemption and capped the deduction for state and local property taxes, many filers will no longer itemize deductions. They will instead take the standard deduction, but still be able to use so-called “above the line” deductions available to all taxpayers, including those who don’t itemize.
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