View Single Post
Old 10-03-2018, 11:20 AM   #146
Senior Member
joey2665's Avatar
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 2,753
Thanks: 806
Thanked 771 Times in 513 Posts

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.
The reason I did mention it is because in the higher taxed states it doesn't help many taxpayers. Their combined property tax, state income tax withheld and mortgage interest often exceeds the 24k standard deduction. However the elimination of AMT does help these clients, especially those were both spouses work
joey2665 is online now   Reply With Quote