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Old 10-03-2018, 12:07 PM   #144
jeffk
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Quote:
Originally Posted by webmaster View Post
I'm surprised that no one has mentioned that the standard deduction for a married couple has doubled to $24,000 for 2018 (add $1,300 for each spouse age 65 or older). Even though the tax deduction is capped at $10,000 that additional $12,000+ standard deduction will help offset additional taxes that can't be deducted any more. That should help a lot of people. I guess we'll see since none of us have actually done our taxes yet for this year under the new tax plan.
And another positive impact of that for many of us will be that itemizing deductions will no longer be required/beneficial, simplifying tax preparation and reducing audit risks. Plus, those of us who don't suffer through the burden of owning million dollar properties still get the bigger standard deduction.
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