2018 Tax Deductions Standard & Itemized – Karla Dennis & Associates

2018 Tax Deductions Standard & Itemized – Karla Dennis & Associates

Changes in 2018 tax deductions  Curious to see if you will need to file a Schedule A? See where you are at on the spectrum with the 2018 tax changes.  Standard Deduction and Personal Exemptions The 2018 Tax Reform will expand the standard deduction for individuals to $12,000 and to $24,000 for joint filers. The 2018 tax changes also repeal personal exemptions. To see a side by side comparison chart of new tax brackets click Here State and Local Tax Deductions The SALT deduction (State and Local Tax) refers to the taxpayer’s ability to deduct their state income taxes and/ or sales taxes if itemizing deductions. In previous years, there was no limitation on the deduction of state and local taxes, which was an advantage to those living in high tax states like California and New York. The new tax reform limits the SALT deduction to $10,000 which includes income, sales, and property tax. read...

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