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  Internal Revenue Service (IRS) Important Tax Information

Standard Deductions or Itemize Deductions

Since President Trump's Job Act and Tax Cuts (JATC) the Standard Deductions have increased and the allowable Itemized Deductions have changed.

Here are the current Standard Deductions and basic information regarding Itemized Deductions:

Standard Deduction

Joint return/Qualifying widow/widower $24,400
Head of Household $18,350
Single $12,200
Married Filing Separately $12,200
Dependents -minimum deduction $  1,100
Additional deduction if age 65 or older, or blind:

Married-per spouse, filing jointly or separately $ 1,300 ($2,600 for age and blindness)
Qualifying widow/widower $ 1,300 ($2,600 for age and blindness)
Single or Head of Household (HOH) $ 1,650   ($3,300 for age and blindness)
Itemized Deductions

Medical Expenses-------------------------Deductible* with 7.5% AGI Limit Applies
State and Local Taxes-------------------- Deductible*$10,000 overall limit applies ($5,000 MFS)
Mortgage Interest-------------------------Deductible* $750,000 debt limit for mortgages after 12/15/2017 ($375.000 MFS)
Home Equity Interest-------------------- Not Allowed  (*Allowed only if debt is for residence acquisition, construction, or substantial improvement.)
Charitable Contribution------------------Deductible *AGI 60% limit for certain cash donations, donations for college stadium seating rights is disallowed.
Misc Deductions - 2% limit-------------- Not Allowed 
Overall Limit on Itemized Deductions:  Does not apply.