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How tax reform changed deductions

Source: fidelity.com - Feb 19, 2019

The Tax Cuts and Jobs Act enacted in late 2017 was more than 500 pages long, with detailed changes affecting everything from the taxation of trusts to the treatment of life insurance policy acquisition costs. But for most taxpayers, the biggest changes have to do with the new income tax rates, a higher standard deduction, and new limits on many popular deductions.

Here is a quick overview of the changes and details on how they may affect your taxes.

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Category: General Business