Advertisement

It's tax time again — but it's going to be a bit different this year, thanks to the 2018 tax reform bill. Some of the elements you've gotten used to on your tax return have changed, and you may have some new deductions available to you as well. The really good news? Filing your 2018 tax return is likely to be a bit simpler.

Advertisement

1. Increasing the Standard Deduction

The standard deduction for 2018 is almost double what it was in 2017. If you don't itemize your deductions, this is good news for you. The standard deduction reduces your adjusted gross income (AGI). The lower your AGI, the lower your taxes will be. You still have the option of itemizing deductions, of course. It can be a bit of a hassle to do, but it's worth it if your itemized deductions exceed the standard deduction amount.

Advertisement

More on Facty

Disclaimer

This site offers information designed for educational purposes only. The information on this Website is not intended to be comprehensive, nor does it constitute advice or our recommendation in any way. We attempt to ensure that the content is current and accurate but we do not guarantee its currency and accuracy. You should carry out your own research and/or seek your own advice before acting or relying on any of the information on this Website.