Sentences with phrase «generous standard deduction»

It was striking just how rare it really was for the homeowners we helped to actually benefit from this deduction, given the already generous standard deduction and their low tax brackets.

Not exact matches

If a tax overhaul includes generous increases in the standard deduction, use of the mortgage deduction would drop, one expert says.

In general, if you make generous contributions to charity and you have a mortgage (itemize the deduction for interest), your amounts might exceed the amount of the standard deduction.

Some rule changes will be particularly important for retirees, including income tax brackets and rates, a higher standard deduction, and more generous health care tax breaks.

This filing status provides a larger standard deduction and more generous tax rates for calculating federal income tax than the Single filing status.

If anything, doubling the standard deduction simply exposes the MID for what it really is: a generous public - housing program for the rich.

My scenario isn't particularly «generous» — only a high wage earner would qualify for an $ 800,000 mortgage, and the interest paid on that mortgage, as well as the property tax, significantly exceeds the standard deduction, as does the state income tax likely paid by that wage earner (as an example, I pay tens of thousands of dollars in state income tax in California — all deductible from my federal tax return).