New standard deduction

[*michaelsean*]

I had heard that it was raised, but I didn't realize it doubled. I don't know about the rest of the tax deductions, but this one is great. Last year our itemized deductions barely nosed out our standard deduction, and now that it's at $24,400 it won't even be close. So that's an additional $12,200 we get to take off our income, and I don't have to save and keep track of all the itemized stuff anymore.

[jj22]

I am interested to see if I notice anything different because of the tax law.

[*michaelsean*]

(01-17-2019, 02:40 PM)jj22 Wrote: I am interested to see if I notice anything different because of the tax law.

Unless you are pretty well off and can hit $25,000 in itemized deductions or are on the other end don't make enough to pay any taxes then the doubling of the standard deduction will make a difference.