Posted by LAA on February 14, 2019 at 08:16:38 from (130.117.142.131):
In Reply to: 2018 federal taxes posted by Jim Buford on February 14, 2019 at 07:00:58:
Married filing jointly for 2018 = 24,000 standard deduction, 2017 was 13,000 standard deduction plus 4050 per person so a husband and Wife with no children at home and who cannot itemize have a net gain of 2950 in deductions for 2018. Anyone who pays high property tax on a single family home or lives in a high state income tax state and pays mortgage interest on a home would still have to beat 15,950 in itemized deductions to come out better than before, most people 55 plus, regardless of income, will come out ahead and those with children at home who are in the 25% or lower tax bracket will also come out ahead, which will be the majority of middle class filers. If someone has children the tax credit was doubled from 1000 to 2000, a tax credit is worth a postive multiple of whatever a persons tax bracket is while a tax deduction is only worth a percentage, huge difference. Farm and business deductions were not affected, most farmers will write off their property taxes on schedule ''F'' as always and any farm or business property mortgage interest paid.
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