Many questions came to us during the conferences that cobbled together two bills, and we had no answers.
In the next few articles I will simplify the tenants that are the most common to individuals. Businesses are a separate set of issues/questions.
With this information, you can ask us or your professional tax preparer on your specific income:
Q: I used to use Schedule A, Itemized Deductions. Now they are saying that I cannot use this to lower my taxes.
A: Actually, this was one of the benefits to the tax bill, as those folks who previously barely had enough to itemize or could not itemize at all.
The standard deduction is now as follows:
Filing Status | Deduction Amount | Explanation |
Single | $12,000 | Unmarried individual or those who lived apart from spouse more than 6 months during the year |
Head of Household | $18,000 | Unmarried individual with dependent(s) |
Married Filing Jointly | $24,000 | Legally married, not Domestic Partners |
Married Filing Separately | $12,000 | Legally married but not filing with spouse |
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.