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The standard deduction is distinct from the personal exemption, which was set to $0 by the Tax Cuts and Jobs Act of 2017 for tax years 2018–2025. [ 5 ] Federal standard deduction
Tax changes have taken effect, but they won't save everyone money. 3 Reasons Your Higher 2018 Standard Deduction Might Not Help You at Tax Time Skip to main content
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
We now know next year's tax brackets, standard deductions and retirement contribution limits after the IRS recently released a number of tax changes. 5 key IRS tax changes for 2018 -- and why they ...
One of the first decisions you'll make when filing taxes is whether to take the standard deduction or itemize your deductions. Keep in mind that because the Tax Cuts and Jobs Act has increased the ...
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
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