Itemized vs Standard Deductions
2018- 10/10 Beginning in 2018, many people who claimed itemized deductions year after year will no longer be able to do so. That’s because the standard deduction has been increased and many itemized deductions have been cut back or abolished. Some taxpayers may be able to “bunch” discretionary expenses into the year when they’ll do some tax good. For example, if you know you’ll be able to itemize this year but not next year, you may be able to make 2 years’ worth of charitable contributions this year, instead of spreading out donations over 2018 and 2019. Contact us for help 972-231-2503.