How did tax reform affect my deductions?

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<start> The Tax Cuts and Jobs Act (TCJA) tax reform bill increased the standard deduction, so it's almost twice as high as last year. That means it takes a lot more itemized deductions to top the standard deduction than it used to. Many people who would've itemized in the past will be claiming the standard deduction instead this year.

The new standard deduction amounts are:

$24,000 for married filing jointly and qualifying widow(er)s

$18,000 for head of household

$12,000 for everyone else

TCJA also limits your total deduction for these state and local taxes to $10,000:

Income taxes

Sales taxes

Real estate taxes

Personal property taxes

The limit is $5,000 if you're married filing separately.

Planning Ahead

With the higher standard deduction, you could benefit by bunching your itemized deductions. This means you'd push as many itemized deductions as possible into one year to have enough deductions to itemize and take the standard deduction the next year. Here are some examples:

Pay off the balance on a medical bill, instead of carrying the payments into the next year.

Buy glasses, hearing aids, contacts, etc., in December instead of January.

Schedule and pay for annual dental and medical exams and necessary procedures before the end of the year.

Make 13 mortgage payments instead of 12. You can make January's payment in December.

Give to charitable organizations every other year. Combine two years' worth of charitable giving into one year and skip the next.

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How Your HSA Can Save You Money

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Published on Feb 25, 2015

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Experts estimate that the average retired couple will spend $250,000 in out-of-pocket medical expenses for services not covered by Medicare. Health savings accounts (HSAs) add extra power to your retirement savings plan and put you back into the driver’s seat of your healthcare. 

HealthEquity is dedicated to helping American families thrive in today’s healthcare system by empowering health savings, while helping employers manage benefits costs. For more information, visit www.HealthEquity.com

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