Tax Topic

Itemized deductions and Exemptions (phase out is still gone for 2020)

In addition to nearly doubling the standard deduction (also see the tax topic “Standard Deduction”), the Tax Cut and Jobs Act of 2017 changed several itemized deductions and eliminated personal exemptions. As a result, many individuals who previously itemized may find it more beneficial to take the standard deduction.

For 2018 and all subsequent years:




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