Old habits die hard, especially when it comes to taxes. For many taxpayers, it may be tempting to assume that long-cherished tax-planning strategies that have worked in recent years should work again this year.
Those who are married and filing jointly will have an increased standard deduction of $24,000, up from the $13,000 it would have been under previous law.
Single taxpayers and those who are married and file separately now have a $12,000 standard deduction, up from the $6,500 it would have been for this year prior to the reform.
For heads of households, the deduction will be $18,000, up from $9,550.
The personal exemption has been eliminated with the tax reform bill. See our tax strategies post which may help you with ways to eliminate a bigger tax bill.