What’s new: Tax Cuts and Jobs Act (Part 5)
HOW you will benefit from standard deduction versus itemized deduction. To maximize your deduction, you take the larger of standard deduction or total amount of itemized deductions by bunching itemized deductions in 2018 and taking standard deduction in 2019, and so on. • Standard deduction: $12,000 for single or married filing separate; $24,000 for married…