During the 2019 tax season, taxpayers are poised to experience the impact of the Tax Cuts and Jobs Act of 2017, which eliminated beneficial deductions and credits. Touted as the largest tax overhaul in 30 years, the law could be a mixed bag for many households as it increases the standard deduction and child tax credit, but makes more than a dozen deductions extinct. Some filers may receive a significant tax break, while others may see their refunds shrink as a result of new deduction rules.
Review this video to know some of the changes.
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