More “Phantom” Tax Deductions?

Now that the standard deduction for a married couple filing a joint return has been raised to over $24,000, most taxpayers who formerly itemized deductions will no longer be itemizing their deductions. My wife and I didn’t itemizing deductions for 2018 because our total itemized deductions are well below the $24,000 2018 standard deduction. That being the case, we have no use for the deductions for state taxes, home mortgage interest, medical expenses or charitable contributions. Most taxpayers won’t be itemizing their deductions any more, so in a way, for most taxpayers, all itemized deductions now fall into the category of deductions that provide no real benefit.

The 2019 standard deduction for single taxpayers and married filing separately is $12,200.  Heads of household get a $18,350 standard deduction for their 2019 taxes. For married joint returns the 2019 standard deduction is $24,400.

There is an extra, additional standard deduction available for taxpayers that are over age 65 or blind, ranging from $1,300 to $1,650 depending on filing status.

– Mark S Gleason CPA

www.mattson-cpa.com

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

 
 
 
 
Subscribe
 
 
 
 
 
 

Mattson Gleason CPAs Ltd

10627 West 165th Street
Lakeville, MN 55044

Tel: 952-435-6630
Fax: 952-435-3642

info@mattson-cpa.com

Contact Form