New tax law makes itemized deductions virtually meaningless

The Tax Cuts and Jobs Act increased the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for taxpayers who are married filing jointly rendering the itemized deductions under Schedule A virtually meaningless for most taxpayers.

Unless you have mortgage interest, large medical bills, charitable contributions and unreimbursed employee expenses, you will likely be better off with the standard deduction. However, each taxpayer is different and it will be a matter of adding up all of your itemized deductions at the end of the year to determine whether standard or itemized deductions is the way to go.

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