The tax overhaul passed at the end of 2017 included big boosts in the standard deduction, which is now $12,000 for individuals and $24,000 for married couples filing jointly. That’s expected to eliminate many taxpayers’ use of itemized deductions such as charitable contributions and mortgage interest. But as Karen Wallace, Morningstar’s director of education, pointed out in a recent article, there are still a number of deductions that taxpayers can take that reduce their adjusted gross income.
Source: Morningstar Inc.
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