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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 ...
The IRS allows you to claim deductions that reduce the amount of tax you owe. Those deductions either are standard deductions — a flat rate — or itemized. ... eliminating or cutting back many ...
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 gross income. [6] For example, if a taxpayer has adjusted gross income of $50,000 with $4,000 in miscellaneous itemized ...
The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction is intended to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal ...
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
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.