New 2018 Tax Law Standard Deductions and Itemized Deductions Guide

Did You Know??? Itemized Deductions are NOT Just For Homeowners with Mortgages. For 2018 tax returns Standard Deductions have increased substantially. The biggest question individuals have when preparing their tax returns is whether to take the Standard Deduction or claim the mysterious Itemized Deductions on the IRS form Schedule A. Here’s the info that can help you save you the most tax dollars, taking the higher of the standard or itemized deductions.. :First, identify your Standard Deduction based on the chart below, taken from the IRS Publication 501.   Table 6. New Standard Deductions for 2018 Tax Returns If your filing status is … Your standard deduction is… Single or Married filing… Read More

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