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Ramp up your tax savings in 2018 with this strategy

This year, if you want to boost your tax savings beyond the new standard deduction, consider giving away some of your wealth.

The Tax Cuts and Jobs Act went into effect on Monday, bringing with it a slate of changes to the code. Those include an increase to the standard deduction (which nearly doubles to $12,000 for singles and $24,000 for married couples who file jointly), as well as the elimination of personal exemptions.

About 49 million taxpayers, or 28 percent, currently itemize, according to the Urban-Brookings Tax Policy Center. Due to the higher standard deduction, fewer filers are expected to do so in the future.

 

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