The standard $6,350 deduction
The fact that the standard deductions will increase due to the tax reform law is great news. This year, single taxpayers are eligible for a $6,350 standard deduction this year. However, starting 2018, the amount will almost double to $12,000. As for married couples, they will get a standard deduction of $24,000 compared to the $13,000 they got last year.
According to finance experts, people will no longer have to save receipts or document spending because they probably won’t itemize deductions under the new law.
