The New Tax Law and Retirement

The $1.2 trillion tax overhaul that was signed into law by President Trump in December 2017 will affect your retirement in a number of ways. The plan no longer includes lowering contribution limits on retirement accounts or nixing traditional individual retirement accounts in lieu of Roth individual retirement accounts, but it does address individual retirement accounts and increases the standard deduction (by almost double), which could affect the way people itemize their charitable donations. These changes would be for next year’s taxes, to be filed in 2019 – 2017 tax returns are due on April 17. To continue reading: CLICK HERE