4 quirky tax deductions that could save you money

Personal Finance

When it comes to tallying your tax deductions, it can pay to get creative.

The Tax Cuts and Jobs Act took effect this year, and with it, some major changes to the way individuals and businesses file their taxes. Key items include the doubling of the standard deduction to $12,000 for singles and $24,000 for married couples who file jointly, the elimination of personal exemptions and sweeping changes to itemized deductions.

About 49 million taxpayers, or 28 percent, currently itemize, according to the Urban-Brookings Tax Policy Center. Due to the higher standard deduction, fewer filers are expected to do so in the future.

Source link

Products You May Like

Articles You May Like

To lure millennials, Apple, Ikea and Uber push branded credit cards
Nordstrom’s post-earnings sell-off was ‘overdone,’ buy for its digital strategy, Deutsche Bank says
5 things to know before taking out a home equity loan
Gorat’s, Warren Buffett’s favorite steakhouse fits his modest style
Why investors should own mainland China assets: Bank Julius Baer

Leave a Reply

Your email address will not be published. Required fields are marked *