The Republican Tax Plan
The Republican Tax Plan Analysis – Part 2: Doubling of Standard Deduction
Under the new Tax Cuts and Jobs Act, the standard deduction is almost doubled to $12,000 for single people, which is up from $6,500, and the standard deduction for head of household is $18,000. Exemptions for blind and elderly (65 and older) remain in place. So, what does it mean to you?