Increased standard deduction the new tax law nearly doubles the standard deduction amount single taxpayers will see their standard deductions jump from 6350 for 2017 taxes to 12000 for 2018 taxes the ones you file in 2019 married couples filing jointly see an increase from 12700 to 24000.
Even if you dont have a lot of itemized deductions to file you still qualify for a standard deduction which has increased to 12700 for married couples filing jointly on income earned in 2017 for single filers and married couples filing separately the deduction is.
Related the old 2017 standard deduction and exemption limits please remember that these rates are for the income you receive in 2017 and the tax return you will be filing in early 2018 of course nothing is official until.
The standard deduction for 2017 is 6350 for single taxpayers and 12700 for married taxpayers filing joint returns however theres a chance it could change before next tax season and no.
Span classnews_dtoct 16 2017spannbsp018332refer to the full list of changes for tax bracket deductions the standard tax deduction that can be claimed by the head of a household has been raised by 50 moving from 9250 to 9300 there was no change to the amount for individuals or married couples filing for the same tax benefit.
Span classnews_dtdec 17 2017spannbsp018332these are not the tax rates and other numbers for the 2017 tax year youll find the official 2017 tax rates those youll use to file your tax return in 2018 here for continued coverage of tax reform efforts follow our forbes tax team.
Touted as the largest tax overhaul in 30 years the tax cuts and jobs act of 2017 is poised to have a significant effect on income tax returns next year overall everyone should get some type of.
Suppose in 2018 this taxpayer again has 9200 in expenses that would have been deductible in 2017 with a new higher standard deduction of 12000 the taxpayer can deduct 2800 more using the standard deduction than by itemizing however the story doesnt end there.
Six statescalifornia new york new jersey illinois texas and pennsylvaniaclaim more than half of the value of the deduction the tax foundation says some of those states are also.