News / Article

How the New Standard Deduction Changed Your Tax Bill

Source: zacks.com - Dec 13, 2018

With a number of IRS updates and new rules passed through the 2017 Tax Cuts and Jobs Act, tax payers should make sure to review changes in standard deductions that took effect January 1, 2018, and will be applicable through December 31, 2025.

Essentially, standard deductions are flat dollar amounts that can be subtracted from an individual’s adjusted gross income (“AGI”), thereby lowering their taxable income and consequently their taxes. This dollar amount is adjusted each year for inflation.

CLICK SOURCE TO READ ARTICLE

Category: General Business