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Ways to work around tax-reform limitations, including timing deductions and offsetting gains

November 1, 2019

Erin Avnet, CPA

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Citrin Cooperman Partner Erin Avnet spoke with ROI-NJ's Meg Fry about ways to work around tax-reform limitations. 

"The Tax Cuts and Jobs Act is certainly not without its issues, but that does not mean it is also without opportunity."

“With the Tax Cuts and Jobs Act, (a couple of) things happened in regard to what individual taxpayers are able to deduct on their tax return. One, the standard deduction increased; two, there were new limits placed on the deductible state and local income taxes; and three, there were new limits placed on mortgage interest deductions, which makes it less likely for taxpayers to itemize now, especially New Jerseyans and people living in other high-income tax states.”