The basic amount you can deduct from your taxes is going up! How much:
- You get $5,500 in increased deductions if you’re a single filer (for a total basic deduction of $12,000);
- You get $11,000 in increased deductions if you’re filing as a married couple (for a total basic deduction of $24,000)
Does that mean you still need to itemize your deductions? It depends on how many deductions you take. Short answer: The more money you make, and the more income streams you have and the more you want to itemize.
Talk to a Tax Ninja about the new law means for you. Click here for a consultation