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3. Standard Deductions

The Tax Cuts and Jobs Act also nearly doubles the standard deduction for each filing status. The standard deduction is a set amount of income, based on your filing status, that you can claim as tax-free for living expenses, thus deducting it from your tax liability. For example, a single person's standard deduction was previously $6,350. With the new plan, that standard deduction rises to $12,000. An estimated 94 percent of taxpayers will choose to take the standard deduction.

Tax Cuts and Jobs Act deductions

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