2017 Is Your Last Shot at This $1.14 Trillion Tax Writeoff
It's almost time to start thinking about preparing your tax return, but taxes have been on many people's minds for months. Tax reform efforts have resulted in massive changes to key provisions, with reductions in tax rates and an increased standard deduction potentially helping many taxpayers. Yet some favorable parts of the existing tax laws are going away, and that will make your 2017 tax return the last time you can claim them.
One key tax break is available to nearly every taxpayer, and more than 90% of Americans took advantage of this provision to reduce their taxable income by a total of more than $1.14 trillion in the most recent year for which IRS data is available. That break is the personal exemption, and it was a casualty of the Republican tax reform bill. Let's look more closely at how the personal exemption works and what you'll need to do to take one final swing at the savings it offers.
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Source: Fool.com
