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The Sturbridge Taxman's Blog

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New Tax Bill Standard Deductions – Did You Know?

Categories Tax Tips (Fed)

For those that opt to take the standard deduction on their taxes rather than itemized deductions, the Tax Cuts and Jobs Act (H.R 1) increases the amount you can deduct until 2025, when the provision is set to expire.

The amount goes from $6,350 to $12,000 for single filers and from $12,700 to $24,000 for those filing jointly.

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