The IRS will start accepting tax returns from individual taxpayers on Monday, kicking off tax filing season.
There is also an additional standard deduction for taxpayers who were born before Jan. 2, 1955 — or age 65 and older — or blind.
One major challenge: If you itemize, you now can only deduct up to $10,000 for state and local real estate taxes, personal property taxes and income taxes. But taxpayers aren't in the clear, as much legal haggling has surrounded such efforts. The IRS put a stop to one workaround, which was attempted in New York and elsewhere, that would have reclassified tax payments as charitable contributions since charitable donations remain fully tax deductible.
The U.S. House also voted for a two-year elimination of the SALT cap late in 2019 but the odds remain against the effort getting any traction in the GOP-controlled Senate.And individuals have to realize that"you can't really work around it" on the 2019 tax returns, Sammartino said.
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