It roughly doubled the standard deduction, adjusted the individual income tax brackets and lowered most of the rates. The legislation also applied a $10,000 cap on the state and local tax deduction, and it roughly doubled the estate tax exemption (it now sits at $13.61 million for an individual). In certain cases, it may also make sense to harvest capital gains, Bigge said. Gain harvesting, just like loss harvesting, is for your taxable account. You get an immediate tax deduction in the year you make your donation, and you can spread out the grants to your favorite charities over time.

---

Persons: it's, Stephen Bigge, Donald Trump, Kamala Harris, Bigge, We're, we're, Tim Steffen, Steffen Organizations: Keebler, Associates, Baird Locations: Green Bay , Wisconsin, China, Washington, Milwaukee