Tax strategy scan

One strategy for clients to continue their philanthropic work and reduce their bill is to bunch multiple years of donations into one with a donor-advised fund.

The added savings could be used to pay off student loans as well as increase mortgage payments and retirement plan contributions.

The products can offset potential losses from lowered state and local deduction limits.

The right strategy can put them “in the 0% tax bracket,” an expert writes.

Underlying strategies make them more tax-efficient than actively managed mutual funds, an expert says.

Claiming above-the-line tax write-offs doubles the standard deduction.

Clients may consider changing their business structure under the new law.

The rewrite could affect how these firms value potential buyout targets.

Seniors are less likely to itemize tax deductions this year as a result, an expert says.

The law allows clients the ability to make tax-free withdrawals for elementary and secondary school expenses.