Sentences with phrase «combined standard deduction»

If you are married and file a joint return, your combined standard deduction with your spouse is $ 12,700.

(Zero is what one pays for the first $ 20K of a couple's income, this is the combined standard deduction and personal exemptions.)

Not exact matches

The Senate's bill would allow married taxpayers who file jointly and have two children to deduct $ 24,000 — less than the current combined $ 28,900 deduction, which includes the standard deduction and four personal exemptions.

Both plans would combine those into one larger standard deduction.

Single filers would deduct $ 12,200 under the House's plan or $ 12,000 under the Senate's plan — slightly higher than the current combined $ 10,400 deduction, which includes the standard deduction and one personal exemption.

The Senate's bill would allow single filers to deduct $ 12,000 — slightly higher than the current combined $ 10,400 deduction, which includes the standard deduction and one personal exemption.

Combined with other proposed tax law changes, many more taxpayers will be claiming the standard deduction in lieu of itemizing deductions.

Comments: The increase in the standard deduction, combined with the limitation on the deduction for state and local taxes, will cause fewer individuals to itemize, which many nonprofits fear may lead to a reduction in overall giving.

If the cost of your interest and taxes isn't enough, when combined with other itemized deductions, to exceed the standard deduction you're entitled to receive, then buying a home won't do you any good from a tax perspective.

It may not be worth the effort if you are only claiming sales tax, but combined with your other itemized deductions and considering your city and state sales tax rules, you may want to investigate which deduction method works best for you, since you can't claim both standard and itemized deductions.

If your medical deduction, combined with other deductions such as charitable donations and mortgage interest, don't add up to more than the standard, you're better off not itemizing.

And so in other words, if your combined salaries minus your standard deduction is lower than those amounts, you're in a very low tax bracket.

Your standard deduction, combined with your personal exemption of $ 3,700, does significantly reduce your tax liability without any work on your part.

As Sam and Sara are both age 65 or older they each get an extra $ 1,250 standard deduction, so $ 7,600 each, or $ 15,200 combined.

«We've already seen that a near - doubling of the standard deduction, combined with the elimination of other deductions like the state and local tax deduction, can turn the American Dream into a nightmare for families as the rug is pulled out from under them.

Buckley explained why he's worried: When Camp proposes a significant increase in the IRS» standard deduction combined with the repeal of deductions for state and local income taxes, he would be putting a large majority of the population in the position where it's more beneficial to choose the standard deduction, rather than itemizing their tax deductions.

«When you combine a much larger standard deduction, with the fact that some itemized deductions have been capped or pared back, many filers may no longer find it financially advantageous to itemize deductions.»

Buckley explained why he's worried: When Camp proposes a significant increase in the standard deduction combined with the repeal of deductions for state and local income taxes, he would be putting a large majority of the population in the position where it's more beneficial to choose the standard deduction, rather than itemizing their tax deductions.

Louisiana has a combined personal exemption - standard deduction of $ 4,500 ($ 9,000 for heads of household and joint filers), with additional personal exemptions of $ 1,000 for dependents.