Personal Finance

Simplifying Your Tax Reform Options

February 1, 2019
This year offers new opportunities that could help you minimize your tax payment.

Key Points

  • Although your tax calculation will be different based on your personal situation, the basics remain the same—take your income, subtract your deductions, then calculate your taxes.
  • Discover which deduction method—standardized or itemized—works best for your needs. 
  • Since the tax reform changes expire in 2025—and tax rates go back up—take the opportunity to explore how lower rates may favor Roth over Traditional IRAs.
  • Gain a better understanding of how tax reform could affect your overall tax planning strategy and take advantage of it.

This material has been prepared by T. Rowe Price for general and educational purposes only. This material does not provide fiduciary recommendations concerning investments, nor is it intended to serve as the primary basis for investment decision-making. T. Rowe Price, its affiliates, and its associates do not provide legal or tax advice. Any tax-related discussion contained in this material, including any attachments/links, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or professional tax advisor regarding any legal or tax issues raised in this material.

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