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+---- Thread: New standard deduction (/Thread-New-standard-deduction)
New standard deduction - michaelsean - 01-17-2019
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.
RE: New standard deduction - jj22 - 01-17-2019
I am interested to see if I notice anything different because of the tax law.
RE: New standard deduction - michaelsean - 01-17-2019
(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.