What You Need to Know About the New 2018 Tax Law – Basic Deductions

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