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2. How Did the Trump Tax Bill Affect Itemized Deductions? – 2021 ...

   www.aol.com/finance/did-trump-tax-bill-affect...

   The Trump tax bill – formally known as the Tax Cuts and Jobs Act (TCJA) – nearly doubled the standard deduction while also limiting some itemized deductions. From 2017 to 2018, the standard ...

3. What Are Itemized Deductions and How Do They Work? - AOL

   www.aol.com/itemized-deductions-010031837.html

   In 2019, 13.7% of taxpayers itemized their deductions, compared to 31.1% before the law changes, according to the Tax Foundation. What Is the Standard Deduction Amount? For the 2024 tax year, the ...

4. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   For US federal income tax purposes, state and local taxes are defined in section 164(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (i) real property taxes; (ii) personal property taxes; (iii) income, war profits, and excess profits taxes; and (iv) general sales taxes.

5. Tax bracket - Wikipedia

   en.wikipedia.org/wiki/Tax_bracket

   In addition to the Federal income tax, John probably pays state income tax, Social Security tax, and Medicare tax. The Social Security tax in 2007 for John is 6.2% on the first $97,500 of earned income (wages), or a maximum of $6,045. There are no exclusions from earned income for Social Security so John pays the maximum of $6,045.

6. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   Per the Tax Cuts and Jobs Act of 2017, miscellaneous itemized deductions are not deductible for tax years 2018 to 2025. For tax years before 2018: Miscellaneous itemized deductions are subject to a 2% floor, [5] a.k.a. the "2% Haircut". A taxpayer can only deduct the amount of miscellaneous itemized deductions that exceed 2% of their adjusted ...

7. What are standard and itemized tax deductions? - AOL

   www.aol.com/finance/standard-itemized-tax...

   Because of itemized deduction caps and the standard deduction increase, the standard deduction gives almost 90% of tax filers the biggest tax break. TurboTax makes deciding easy.