- December 13, 2018
- Posted by: admin
- Category: Uncategorized
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act nearly doubled standard deductions. When you take the standard deduction, you can’t itemize deductions for mortgage interest, state taxes and charitable deductions on Schedule A, Itemized Deductions. Starting in 2018, the standard deduction for each filing status is:
Single..$12,000 …….(up from $6,350 in 2017)
Married filing jointly.
Qualifying widow(er) ..$24,000 …….(up from $12,700 in 2017)
Married filing separately ..$12,000 …….(up from $6,350 in 2017)
Head of household..$18,000 …….(up from $9,350 in 2017)
The amounts are higher if you or your spouse are blind or over age 65. Most taxpayers have the choice of either taking a standard deduction or itemizing. If you qualify for the standard deduction and your standard deduction is more than your total itemized deductions, you should claim the standard deduction in most cases and don’t need to file a Schedule A, Itemized Deductions, with your tax return. THIS MEANS THAT… Many taxpayers will no longer itemize their deductions and have a simpler time in filing their taxes.