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Should I Take the Standard Deduction?
Source:
money.usnews.com
- Dec 19, 2018
One of the first decisions you'll make when filing taxes is whether to take the standard deduction or itemize your deductions.
But before you make that call, you need to know what the standard deduction is, who should take it and how it has changed under the tax reform law, which takes effect for taxes filed in 2019. Understanding those important concepts will help you score the largest refund or lowest tax bill. Keep in mind that because the Tax Cuts and Jobs Act has increased the standard deduction amount while limiting the ability to itemize certain expenses, you may opt to take the standard deduction this year, even if you've itemized in the past.
Read on for more information about taking the standard deduction versus itemizing deductions.
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Category: General Business
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