When filing taxes, one of the initial decisions you’ll make is whether or not to take the standard deduction or itemize your deductions. U.S. News & World Report caught up with MWE tax partner Lance Christensen to discuss the benefits and pitfalls of this important decision.
As filers consider their 2018 tax bill, “some people may want to defer deductions, (such as) charitable contributions, until 2019 because they’re not going to get much benefit,” says Lance Christensen, certified public accountant and tax practice leader and partner at Margolin, Winer & Evens in Garden City, New York. Or they’ll accelerate 2018 charitable contributions in order to itemize this year. “So there’s some careful planning needed, particularly at year-end,” he says. Read more>>