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New Tax Law: 8 Smart Tax Strategies for Retirees

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The federal tax code is undergoing its first significant makeover in 30 years. The new tax law, most of it effective just days after President Trump signed it right before Christmas, installs a bevy of changes, some sweeping, some tweaking.

Although every group of taxpayers will be affected, some may save a bundle, while others might find their tax cut a little thin -- some will even pay more.

Here, we outline changes in key areas that preretirees and retirees should pay particular attention to. Some provisions have been highlighted in news headlines, but some have flown under the radar. Most are scheduled to sunset by 2026, but whether that will happen is up to future Congresses.

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A new tax law brings opportunities to implement tax-planning strategies to trim future tax bills. We’ll highlight eight big tax changes along with the related smart tax strategy for each. We encourage you to add them to your tax-trimming to-do list.

SEE ALSO: 26 Ways the New Tax Law Will Affect Your Wallet

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