Unless you can itemize $24,000 worth of deductions, you'll be taking the standard.
12,000 if single...
Unless you can itemize $24,000 worth of deductions, you'll be taking the standard.
Unless you can itemize $24,000 worth of deductions, you'll be taking the standard.
Ah yes...
Being hitched does have it's benefits.
Still, the standard deduction is twice what it was last year, regardless of marital status, correct?
My income went up almost exactly 5% in 2018. (Odd coincidence, but it happens.) My taxes owed went up ~10%. (Still working on it, but it looks like it'll be in that range.)
Not. Happy.
This is how progressive taxes work... if your taxes only went up by 5% also, that would be borderline regressive
Unless you can itemize $24,000 worth of deductions, you'll be taking the standard.
Ah yes...
Being hitched does have it's benefits.
Still, the standard deduction is twice what it was last year, regardless of marital status, correct?
But the personal exemption has been eliminated. The new standard deduction is slightly more than the old personal exemption plus the standard deduction.
If nothing else, this year's tax season will show many people just how little that nominal rate has to do with actually calculating their taxes.
I'm thrilled at the SALT deduction being capped. Heck, I was hoping it would be eliminated. Why?
With full deductibility of SALT taxes, those who vote for higher and higher taxes end up getting subsidized by people who live in lower cost-more frugal areas. And since those high cost of living areas are overwhelmingly wealthy and liberal, I viewed it as a chance to get those folks who always want more spending and who claim to be OK with having their taxes raised to show just how much of a fan they are of the gov't do-good schemes.
It's perverse to reduce someone's FEDERAL taxation based on how much LOCAL tax they pay. They voted for that local tax (in most cases) and in all cases, chose to remain located there. Let them feel the full burden of that decision, and not offload that burden to those who've chosen more modest and lest costly local government.
Wha? For a couple it's still ~$4000 away, right?
...unless you did, and still will fill out sch. A; now your taxable income is up $8100.2017 exemption $4050/person x 2 = $8100 + $12,700 married standard deduction =$20,800
2018 married standard deduction $24,000.
2018 still a win.
...unless you did, and still will fill out sch. A; now your taxable income is up $8100.