The Tax Cuts and Jobs Act raised the bar on who will itemize, as you now must surpass the 2019 standard deduction of $12,200 for singles or $24,400 for married filing jointly. “Tax-filing strategies have been reduced partially because the standard deduction is about two times what it was beforehand,” said Eric Bronnenkant, the head of tax at financial company Betterment. “People used to have more ability to optimize their deductions.”
The Tax Cuts and Jobs Act (TCJA) increased the standard deduction from $6,500 to $12,000 for individual filers, from $13,000 to $24,000 for joint returns, and from $9,550 to $18,000 for heads of household in 2018.
Itemization:
Now single's have up to $12,000.00 and married couples filing jointly have up to $24,000.00
