News and Events for Attorneys and Executives

How a Tax Code Overhaul May Affect You

By on February 19, 2017 in Administrative Law, Government, Tax

Taxes - IRS - Internal Revenue ServiceDespite what President Trump promised about simplifying the tax code when he was on the campaign trail, tax simplification isn’t a simple task, writes Charles Delafuente of The New York Times.

In his article, Delafuente writes, “It is unlikely that changes in the tax code would affect tax returns that must be filed this year, which cover last year’s income and deductions.”

He discusses major items that are under discussion in Washington and that may affect tax returns, including tax rates, itemized deductions, mortgage interest and real estate deductions, filing status, standard deduction, personal exemptions, carried interest, dependent-care deductions, and many more.

Read the NYT article.