- $6,350 for single people and married people filing separately
- Single People Making at least $54,300
- If you’re married
- If you have a mortgage
The increase in the standard deduction will be good news to most people, but remember that you lose other itemized deductions.
The increased CTC is also going to be great for a lot of parents, but those with lower incomes won’t experience any increase. Similarly, those who make enough that they’re hit with the AMT will most likely also be happy to see it go.
How Your Tax Planning Will Need to Change
As it stands, it’s a safe bet that the amount you pay in taxes every year will change in the near future. How it will change is anyone’s guess, but you can still begin planning now. At Marshall, Wazcheka and Patrick, CPA, we are continuing to keep an eye on the evolution of this evolution, so we’re ready to help our clients adjust right away. Contact us to learn how we can do the same for your household.