December 14, 2017

Reuters: Don’t Expect a Post-Card Size Tax Return

media mention

A key driver of this, according to independent analyzes, would be a proposed doubling of the standard deduction and a curtailment of the deduction for state and local tax payments.

In combination, these two changes would mean that about 29 million people would no longer benefit from itemizing. So they would stop writing off their charitable donations, mortgage interest and state and local tax payments, according to the Institute on Taxation and Economic Policy, a think tank.

Itemized deductions for medical expenses, investment interest, unreimbursed employee expenses and tax preparation fees could also be dropped by many. Read more