Will it help to itemize deductions for 2018?

Will it help to itemize deductions for 2018?

  • March 14, 2019
  • David Greene
  • Comments Off on Will it help to itemize deductions for 2018?

That is a question that has to be answered on an individual basis.  The new law in general will help many people and hurt many other “middle class” people.  We have already seen that many are upset because their refunds are less than in past years or nonexistent.  The changes I will discuss this week and next are in effect for tax year 2018 and last through 2025.  The standard deduction has almost doubled, from $6,350 to $12,000 for singfle filers and from $12,700 to $24,000 for those filing married-joint.  The additional deduction for the elderly or blind did not change.  These changes make it harder to justify itemizing deductions for most people. In addition, the child tax credit has been greatly increased; however, the deduction for personal exemptions has been eliminated.  There are many changes to the itemized deduction scheme as well and I’ll discuss those changes in next week’s blog. As many professionals are telling their clients, you will have to “run the numbers” to see which way benefits you.

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