Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

With the new tax bill, the Tax Cuts and Jobs Act, signed into law in December 2017, there are a few tax changes in 2019.

With the new tax bill, the Tax Cuts and Jobs Act, signed into law in December 2017, there are a few tax changes in 2019. For example, the standard deduction amounts have increased to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. So unless you have large itemized deductions, including property tax mortgage interest, etc, there is a high likelihood that you would be better off claiming the standard deduction.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Belverd E. Needles

5th Edition

0395698022, 978-0395698020

More Books

Students also viewed these Accounting questions