Sentences with phrase «doubled standard deduction»

That's because the bill roughly doubled the standard deduction.

«A doubled standard deduction will have a big impact on how many homeowners ultimately decide to take advantage of the mortgage interest deduction,» says Casey.

As it is, while the almost - doubled standard deduction will help people avoid itemizing, there are still seven income tax brackets, and quite a few deductions and credits to consider.

We nearly doubled the standard deduction, meaning a married couple will not have to pay one dime of income tax on the first $ 24,000 that they earn.

That's because the bill roughly doubled the standard deduction.

The Tax Cuts and Jobs Act nearly doubled the standard deduction that can be taken with «no questions asked.»

In addition, far fewer people will take those deductions going forward, because most people will use the new doubled standard deduction of $ 24,000 for a married couple.

At this point, across - the - board rate cuts will be in effect, as well as a doubled child tax credit and a nearly doubled standard deduction (the latter two provisions offsetting the elimination of personal exemptions from the individual income tax).

In December 2017, President Trump signed a tax reform bill that nearly doubled the standard deduction, which means far fewer people will itemize going forward.

That includes the increased child tax credit, the doubled standard deduction, the estate tax cut, repeal of the alternative minimum tax, and even the tax break for pass - through business income.

«Now that they've doubled the standard deduction, there may be people who are no longer eligible to itemize,» said Greene - Lewis.

That would mean their proposals — lowered individual rates, doubled standard deduction, increased child tax credit, and repeal of the alternative minimum tax — would sunset after 2025.

Major changes include lower tax rates on individual income, a roughly doubled standard deduction ($ 12,000 for singles and $ 24,000 for married couples who file jointly), and sharp limits on a slate of itemized deductions, including a $ 10,000 cap on the break for state income, sales and property taxes.

Many of those companies rely on middle - and low - income shoppers for the bulk of their sales, and changes to individual taxes — such as doubling the standard deduction — will increase discretionary income.

Most notably, the new legislation almost doubles the standard deduction.

The «Tax Cuts and Jobs Act,» which President Donald Trump signed into law on Dec. 22, doubles the standard deduction to $ 12,000 for single filers and $ 24,000 for joint filers who are married.

It would offer a mixed bag for individuals, including middle - class workers, by roughly doubling a standard deduction that does not require itemization, but eliminating or scaling back other popular itemized deductions and exemptions.

Both versions of the bill would cut taxes by about $ 1.5 trillion over the next decade, slashing the corporate tax rate and doubling the standard deduction used by most Americans.

The goal of the Trump tax plan is to deliver a tax break to middle income families by lowering rates and doubling the standard deduction, Hassett said.

By nearly doubling the standard deduction, they gave a lot of taxpayers a good reason to not itemize their deductions.

Standard deduction: The bill essentially doubles the standard deduction from $ 6,350 to $ 12,200 for single filers and from $ 12,700 to $ 24,400 for joint filers.

The Trump tax plan will nearly double the standard deduction to $ 12,000 for individuals and $ 24,000 for married couples filing jointly.

Be smart about charitable gifts: The new tax rule nearly doubles the standard deduction to $ 12,000 for single filers and $ 24,000 for those who are married and file jointly.

Standard deduction and personal exemptions: The new law effectively doubles the standard deduction to $ 12,000 for single filers and $ 24,000 for joint filers.

Standard deduction: The new law would roughly double the standard deduction to $ 12,000 for single filers and $ 24,000 for joint filers.

In April, the administration released its tax proposal, and while it indicated that it would «protect the homeownership and charitable gift tax deductions,» the proposal sought to double the standard deduction, which would effectively mute the mortgage deduction benefit for many American homeowners — except the wealthiest.

The initial version of the Trump tax plan keeps the MID in place, but by doubling the standard deduction, reduces the number of households that will benefit from claiming the deduction.

As a whole, the Republican tax plan will cut income tax rates for individuals and businesses, and double the standard deduction rates.

In April, the administration released its tax proposal, and while it indicated that it would «protect the homeownership and charitable gift tax deductions,» the proposal sought to double the standard deduction, which would

Be Smart about Charitable Gifts: The new tax rule nearly doubles the standard deduction to $ 12,000 for single filers and $ 24,000 for those who are married and file jointly.

The framework proposes a number of specific changes including: consolidating and reducing individual income tax rates to 10, 25, and 35 percent; doubling the standard deduction; cutting the business tax rate to 15 percent on both corporations and pass - through businesses; repealing the Alternative Minimum Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overseas.

The new Tax Cuts and Jobs Act, which applies to tax year 2018 and beyond, nearly doubles the standard deduction, which will make itemizing deductions less beneficial for many.

The House Republican plan proposes roughly doubling the standard deduction, a change they believe will lead many more Americans to take the standard deduction rather than itemize their deductions.

Double the Standard Deduction to $ 12,000 for individuals and $ 24,000 for married couples Cap deductions for state and local taxes (SALT) Eliminate most miscellaneous itemized deductions (Including financial advisory fees!)

Both the Senate and House versions would roughly double the standard deduction.

That's because the Tax Cuts and Jobs Act went into effect at the beginning of this year and overhauled the tax code, doubling the standard deduction and doing away with personal exemptions.

The tax plan approved by Congress nearly doubles the standard deduction for individuals and families.

While the net effect of the recent tax changes on house prices is expected to be limited, doubling the standard deduction will increase the incentives to rent.

Like the Republican blueprint for tax reform, the President's plan would double the standard deduction while trimming itemized deductions.

Trump's plan would double the standard deduction: Individuals could deduct $ 15,000 (up from $ 6,300), and married people filing jointly could deduct $ 30,000 (up from $ 12,600).

The plan would nearly double the standard deduction for most households and retain mortgage interest and charitable deductions while eliminating deductions for state and local taxes.

Are middle - class cuts from the budget framework (like doubling the standard deduction and expanded child tax credits) included?

Taking away the personal exemption wipes out like 80 % of the benefit of doubling the standard deduction.

Because the new law effectively doubles the standard deduction to $ 12,000 and $ 24,000 for joint filers, many taxpayers will no longer itemize deductions.

Katko said he is convinced taxpayers in his 24th Congressional District will still be better off under the GOP plan to double the standard deduction to $ 12,000 for individuals and $ 24,000 for families, and offer new and expanded child and family tax credits.

«If they don't get the deduction, doubling the standard deduction is not going to make up for or come close to it.»

Trump's plan to double the standard deduction, now $ 6,300 for single filers and $ 12,600 married couples, probably won't make up for the loss of deductions for many taxpayers in those downstate counties, Cole said.

The proposed tax reform — a different version of which is making its way through the Senate — would deeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes.

For those taxpayers, the GOP bill doubles the standard deduction for both individuals (up to $ 12,000) and married couples ($ 24,000).

On Wednesday, Republicans showed little interest in scaling back the dimensions of their tax bill, which would consolidate seven brackets into four, reduce the corporate tax rate from 35 percent to 20 percent, phase out the estate tax, and double the standard deduction to $ 24,000 per married couple and $ 12,000 per individual.