Higher Standard Deduction
In 2019, the standard deduction is $12,200 for single and $24,400 for married filing jointly filers. If you are over 65, the deduction is $1,300 higher.
But, that doesn’t mean you should stop tracking your deductions. You should calculate your taxes both ways to see which deduction is higher.
New Rules for State & Local Taxes
The Tax Cuts & Jobs Act imposed a $10,000 ceiling on the total amount individual taxpayers can deduct for state income tax, property tax, excise tax and sales tax.
Contact Us
Patricia A. Bevans, CPA, CFP, PFS, EA
Eastern Shore Tax & Accounting LLC
5261 Peaceful Lakes Dr
Exmore, VA 23350
757.442.4520
AICPA Member
Northampton Chamber Member
Certified Financial Planner
