Financial Focus: Should You Double the Standard Deduction?
You’ll hear this a lot this upcoming tax season: “The standard deduction has doubled. No reason to itemize.” You might even hear, “Just use the standard deduction, and you’ll get more tax money back.” You will start to hear this from our President, the media, your friends, brochures, but not from a true financial professional Yes, the standard deduction is an “automatic deduction based on filing status” that one can take unless they can itemize, and if that amount is more, then of course you would itemize and take the higher amount. So yes, there is some truth that, for
