Like it or not, it’s tax season and the days are fast approaching where you’ll need all your receipts and additional paperwork together so that you can have a stress -free experience with your tax preparer.
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This is the first tax year under the Tax Cuts and Jobs Act — an overhaul of the code that doubled the standard deduction ($12,000 for singles and $24,000 for married-filing-jointly in 2018), and eliminated personal and dependent exemptions (formerly $4,050 for yourself, your spouse and each dependent).
The law also placed limits on itemized deductions, including a new $10,000 cap on state and local tax deductions.
Filers with children will also notice the child tax credit is now $2,000 per kid under age 17. Though the amount of the credit is up from $1,000 per child, this boost is only in effect from 2018 to 2025.
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