Deductions & credits

Yes, at the end of 2017, Congress passed and the President signed the Tax Cut and Jobs Act, which made a number of changes including reducing many itemized deductions and eliminating the personal exemption.

At the same time, the Standard Deduction was nearly doubled - for individuals, it went to $12,000.

Please look at this IRS link for more information on the changes in tax law as a result of the Act - https://www.irs.gov/newsroom/individuals



View solution in original post