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Deductions & credits
The federal tax laws were radically overhauled for tax year 2018. Biggest changes for your situation are an increase in the standard deduction ($12,000 for single, $24,000 for married filing jointly if under 65), and a change in the deduction for state and local taxes (generally state income tax and property tax), which are now limited to $10,000. Many people who used to itemize are now better off taking the standard deduction.
‎June 1, 2019
10:27 AM