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New Tax Law: Tips for Filing Your 2017 Tax Return

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All the hoopla about the tax law signed by President Trump can obscure a sneaky little secret: The rules pertaining to the 2017 tax return you're working on now are almost exactly the same as they were before Congress gave us the biggest tax overhaul in more than 30 years. Although 41% of respondents to a recent poll thought otherwise, almost all of the changes, including reduced tax rates, will apply for the first time to the return you file next spring.

On the bright side, that means the 2016 tax forms you filed last year can be a great guide for this year's journey. Study them carefully. Yes, the new tax law will allow 30 million or more taxpayers who have regularly itemized deductions to switch to the standard deduction next year. But, if you itemized in the past, you'll probably do so on your 2017 tax return, too.

SEE ALSO: 22 Tax Deductions You Shouldn't Overlook This Year



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