Sentences with phrase «with the higher standard deduction»

I think next year will be even simpler with the higher standard deduction.

That means that even with the higher standard deduction, you may still qualify to take this deduction in 2018.

With a higher standard deduction, fewer people will itemize, and that could result in fewer people itemizing on their state returns, as well — with corresponding upward impacts on state taxes.

Head of household comes with a higher standard deduction.

Not exact matches

But for most taxpayers, the biggest changes have to do with the new income tax rates, a higher standard deduction, and new limits on many popular deductions.

The law also slightly increases the higher standard deduction for the elderly, the blind, and persons with a disability.

«For a high tax state like New York, state and local tax deductibility has been a very important component of the federal tax code,» said DiNapoli who said even with a proposed higher standard deduction it's still not a «win» for New York taxpayers.

«For a high - tax state like New York, state and local tax deductibility has been a very important component of the federal tax code,» said DiNapoli, who added that even with a proposed higher standard deduction, it's still not a «win» for New York taxpayers.

But for most taxpayers, the biggest changes have to do with the new income tax rates, a higher standard deduction, and new limits on many popular deductions.

The law also slightly increases the higher standard deduction for the elderly, the blind, and persons with a disability.

With a new, higher standard deduction of $ 12,000, the taxpayer can deduct $ 2,800 more using the standard deduction than by itemizing.

That is due to a drop in the highest marginal tax rate coupled with an increase in the standard deduction.

And as with interest that you pay over the course of the loan, the amount you pay in points is generally tax - deductible (this assumes that it still makes financial sense for you to itemize your deductions rather than take the new higher standard deduction).

Head of Household often allows a higher standard deduction than filing single, along with federal and state credits that may help lower taxes if you meet head of household requirements.

For many families, this should be balanced by the higher standard deduction and / or increased child tax credit (see below), but families with three or more dependents ages 17 or older may see a negative impact.2

The Tax Foundation, a conservative think tank, says the deduction is a giveaway for those with high incomes and big houses, because they are more likely to itemize their deductions rather than claim the standard deduction on their tax returns.

Andrew Hunter, an economist with Capital Economics, said the combination of the rate structure, the doubling of standard deduction, the higher child tax credit and other provisions would be worth about $ 1,200 for a family of four making the median income of $ 59,000 annually.

The higher standard deduction might result in taxpayers «with a little more cash to use, and we might actually see more of the low - to mid-priced range properties sell because of that.»