What you should know about the new tax law Part I: The basics
1. THE standard deduction is doubled: Republicans want to simplify our tax code so more people can claim standard deductions instead of more complicated itemized deductions. This becomes a reality after the new law doubled the standard deduction from $6,350 to $12,000 for single filers, from $9,350 to $18,000 for heads of households, and from…