Tax Cut and Jobs Act (TCJA) | Standard Deduction | Tax Attorney Lexington, KY

Standard Deduction is Almost Doubled

The Tax Cut and Jobs Act (TCJA) is now officially law. The change in the individual deduction is one of the main provisions in the tax law that could particularly affect retirees and persons with disabilities. For single filers, the standard deduction is increased from $6,350 to $12,000. For married couples filing jointly, it increases from $12,700 to $24,000. Under the new law, fewer filers would choose to itemize, as the only reason to continue to itemize is if deductions exceed the standard deduction.

If you’re interested in more information about the Tax Cut and Jobs Act (TCJA), please visit our main informational page here. If you have specific questions about your individual tax situation, please contact Gayheart & Campbell, PLLC today at 859-276-6193 or schedule a consultation here.