New tax laws for 2019 have puzzled many Americans. Some are paying less, while others receive less in their returns. As with any circumstance, though, investors should see this fiscal shift as an opportunity.

There’s even a best stock to buy during the tax season, which we’ll be showing you today.

The Tax Cuts and Jobs Act represents the largest change to fiscal policy in 30 years. It has drastically altered tax brackets and changed how deductions are handled. But if you’re looking for the best stock to buy right now, our pick benefits from the confusion.

First, there are a few major changes you should know about when sitting down to do your taxes.

Major Tax Law Changes Will Lift This Stock

Personal and dependency exemptions have been eliminated from the tax code. In the past, each personal and dependency exemption you claimed would shelter $4,150 in income. That money is now taxed.

There is also now a $10,000 cap on local and state tax deductions, which will impact people in high-tax states such as California, New York, and New Jersey. Americans also now have a cap on mortgage interest deductions, $375,000 in debt for a single person and $750,000 for married couples.

On the flip side, standard deductions have doubled – $24,000 for married couples, up from $13,000.

The seven new tax brackets range from 10% to 37%, and you only pay the rate on the money that falls inside each bracket. A portion of your income might fall inside one tax bracket and the rest in another.

Everyone should speak with a professional tax advisor to make sure they aren’t exposed to additional charges or even an audit.

It’s no coincidence one of the top tax consultants in the country happens to also be our pick for the top stock to buy right now.

The Best Stock to Buy During the 2019 Tax Season

There’s a good chance more people will be looking for professional guidance on their taxes this year. H&R Block Inc. (NYSE: HRB) offers one of the top tax consulting services in the country.

The company has been in business since 1955 and has over 12,000 retail tax offices around the world. Its primary function is to help Americans accurately file their tax returns.

In addition to personalized services, H&R Block sells software that guides customers through their tax returns electronically with the support of dedicated tax professionals and accountants.

As potentially one of the busiest tax seasons in decades gets underway, HRB shares are available shockingly cheap.

The stock is currently trading at a price/earnings ratio of just 8.08. The industry average is 44.4 by comparison. The company’s price to cash flow is at only 6.47 compared to the industry average of 18.76. In addition to the upside investors will get on the stock, there is an attractive 4.18% dividend yield.

A big reason to go bullish on HRB is how its scores on our proprietary Money Morning VQScore™ system: 4.75. This is a strong “buy” signal, indicating the stock is ripe for a breakout.

Wall Street has given HRB a $26.33 price target, which would give today’s investor 8.57% gains over the coming year. But another analyst has issued a $30 price target, which boosts that gain to 23.71%.

Source: Money Morning