February 1st, 2018 6:09 PM by Dana Bain
There is so much to talk about
with the Tax Cuts and Jobs Act of 2017 it’s hard to know where to start.
What we do know is that 2018 is going to be a year of changes.
Today we are going to talk about itemized deduction:
On a good note in an act to try and simplify taxes for the
“regular” person, the standard deduction has now been raised. So for a
married couple filing jointly, the standard deduction is now $24,000. For
a single person the standard deduction is now $12,000. What does this
mean? Well the government says that you, the taxpayer, are allowed to
choose whether you want to take the standard deduction or the itemized
deductions. Further, they say that you can take whichever deduction is
worth more to you. Due to the increased amounts for the standard
deduction and restrictions as described above on the itemized deductions, there
will be more people that will opt for the standard deduction in 2018.
At Premiere Mortgage Services Inc. MA Lic. NMLS 1498 we can help you with great recommendations for CPA's, Financial Advisors & Real Estate Professionals. And for your home financing needs both for a purchase mortgage or refinance mortgage please reach out to us at 978-422-2311 or firstname.lastname@example.org
Dana Bain MLO NMLS # 18693 & Robin Dunbar Bain MLO NMLS # 18699
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Premiere Mortgage Services Inc. / Boston Harbor Mortgage Your Mortgage Home Loan Market Price Leader. where you’ll find the best mortgage rates and a loan program that's best for you. We’re Robin and Dana Bain, and we provide Massachusetts and New Hampshire mortgage loans for home purchases and refinancing. Dana Bain has been originating mortgage loans for over 30 years and we treat our clients like family. Premiere Mortgage Services Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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