Money Monday: Should you take the standard deduction?
- 70% took it last year
- 90% expected to take it this year
What is it? The amount of income AFTER which you pay taxes.
- Rates doubled for 2018
- Single or married & filing separately: $12,000
- Married filing jointly: $24,000
- $18,000 for heads of household
- Goes up again in 2019!
Not certain whether to itemize or take the S.D.? Quick math problem:
Add up mortgage interest, property taxes, state income taxes or sales taxes, and charitable donations. If those exceed the S.D., itemize. If not: use the S.D.
Using TurboTax or another software program you will want to run your taxes both ways to make certain you’re getting the best deal.
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