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Shifting COVID relief rules mean it’s critical for business owners to work with trusted financial advisers as tax season 2022 approaches.

Around 13.7 percent of taxpayers itemize their returns, and those who don't have little incentive to give to charity.

>> on the flip side they may see more thor, though, of what democrats are warning about and taxpayers in general in certain states, new york, new jersey, california, new jersey is an important state moving forward here. where else could we see the real impact of this tax plan when it comes to 2018. >> new york, new jersey, california, in theory have enough house seats, republican-held house seats, to nearly flip the majority to the democrats and those are the states where people have high local taxes, high home expenses, and will probably suffer somewhat under this bill. so the members in thos...

Code for most individual filers. more will take itemized deduction. the bill doubles the standard deduction and takes away the exemption. the doubling isn't as great as it sounds. you can exclude 16% of your income automatically than you otherwise would. that change will mean a lot fewer people will choose to write off mortgage interest, state and federal taxes. for those people, filing will be simpler. on the other hand, there are some business provisions in here that are very complicated, including a tax preference for only certain kinds of businesses that are owned directly by individuals. ...

States. i come from one of those high tax states and we pay too much in taxes. so i can certainly understand the standpoint from the governor, but you really have to look at the facts of this. a district like mine where you have about 28% of the filers that do the itemized deduction, once a standard deduction doubles, that goes to about 5%. and so those 5% that will still itemize also are getting rid of the alternative minimum tax. this is going to be a tax cut primarily for the middle class, but it's going to be a tax cut across the board. just some people are not going to get as big of a tax...