What to know for year two of the Trump tax plan - News Summed Up

What to know for year two of the Trump tax plan


STANDARD DEDUCTIONThe standard deduction doubled under the new tax law that took effect in 2018. Single individuals now get a standard deduction of $12,200 and married individuals filing jointly qualify for a standard deduction of $24,400. Additionally, the IRS has tried to help avoid consumer confusion between the IRS Free File system and free or low-cost versions offered by the companies themselves. To make sure you are using the IRS Free File system, go to IRS.gov/freefile to review your choices. These include those provided by the Volunteer Income Tax Assistance Program or Tax Counseling for the Elderly, offered by AARP, as well as the IRS Free File Fillable forms, which are electronic versions of its paper forms.


Source: Los Angeles Times January 29, 2020 12:56 UTC



Loading...
Loading...
  

Loading...

                           
/* -------------------------- overlay advertisemnt -------------------------- */