Sentences with phrase «knowing the standard deduction»

There's more to cracking the tax code than knowing the standard deduction.

There's more to cracking the tax code than knowing the standard deduction.

Not exact matches

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

Of those filers, TPC estimates about 75 percent will no longer do so in 2018 under the Republican tax plan because the standard deduction will nearly double while other deductions face new limits.

If you're taking the standard deduction, «effectively, all that interest is no longer deductible,» said Benjamin Tobias, a certified financial planner and a certified public accountant, and founder of Tobias Financial Advisors in Plantation, Florida.

No, you can't claim the standard deduction and still reap the tax benefits of your charitable donations.

In 2018, however, this couple would no longer itemize, as the standard deduction of $ 24,000 is greater than the sum of their deductions.

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.

I do not know about Indiana, but Vermont and NY have the equivalent of a standard deduction and income that is not taxable in the state lowers how much of the deduction can be taken.

If you're taking the standard deduction, «effectively, all that interest is no longer deductible,» said Benjamin Tobias, a certified financial planner and a certified public accountant, and founder of Tobias Financial Advisors in Plantation, Florida.

For taxpayers who used to itemize, it may no longer make sense if the new higher standard deduction exceeds what their itemized deductions would have been.

Since you're specifically asking about the STANDARD deduction available to Indian students under the Indo - US treaty, then the answer for this specific question is NO.

Adjusted gross income («AGI») represents your total income reduced by certain deductions known as «adjustments,» but before you take your itemized deduction or standard deduction, and before you take the deduction for qualified business income or personal exemptions.

In 2018, however, this couple would no longer itemize, as the standard deduction of $ 24,000 is greater than the sum of their deductions.

In 2017, this amount was $ 10,300 greater than the standard deduction, so itemizing would be a no - brainer.

And if they know they're claiming the standard deduction this year but expect to itemize next year, they may prefer to wait until January to make some payments, like donating to charity.

Did you know that there is an additional standard tax deduction for people over the age of 65 and / or those who are blind?

Learn whether itemizing your deductions makes sense, or if you should simply take the no - questions - asked standard deduction.

No, if you take the standard deduction you do not need to itemize your donation deduction.

No, never can a noncitizen claim the standard deduction.

In order to choose between itemized and standard deductions, you have to know the actual amounts of each.

«Proposed changes — such as the increased standard deduction and elimination of other itemized deductions — mean that many who claim the mortgage interest deduction under today's tax laws will no longer be able to do so,» said Danielle Hale, chief economist at realtor.com ®, in a statement.

She noted that while the MID is mostly preserved in both bills, the increase of the standard deduction will mean credit for mortgage payments will no longer factor into the tax picture of many homeowners.

«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.»

Right now, those exemptions are $ 4,050 per person, So, for a family of four, the family would see their standard deduction rise from $ 12,600 to $ 24,000 but they would also no longer get to take their exemptions, which, under the current code, would total $ 16,200.

Apartment owners say they also could benefit from a tax code that no longer favors owners over renters now that the deduction for mortgage interest is blunted by a higher standard deduction.