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Standard Deductions Vs. Itemized Deductions

By BARRY LISAK
Posted 2/15/19

When filing your Federal income-tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. It is anticipated that the number of filers who itemize for 2018 is going to drop from 47 million to about 19 million due to the Tax Cuts and Jobs Act (TCJA) passed last year.

Standard-Deduction Amounts:

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