This video was published by the IRS.
Changes from the Tax Cuts & Jobs Act mean the standard deduction is worth almost twice what it was before. So you may get more benefit from the standard deduction than from itemizing. To figure out whether you should itemize, you can search “How Much is Standard Deduction” at IRS.gov, or speak with a tax professional.
If you choose to itemize your deductions, the law change also affects what expenses you can claim on Schedule A. You may deduct medical and dental expenses that exceed a certain percent of your adjusted gross income. The law now limits your total deduction for state and local, property, income, and sales tax to a combined total of $10,000 — $5,000 if married filing separately.
It also limits the amount of home mortgage interest and home equity interest you can deduct. Search Publication 936 at IRS.gov to learn more about these limits. Continue reading