During the 2018 tax year, 16.7 million households took itemized deductions on their tax returns. That’s down from 46.2 million taxpayers during the 2017 tax year.
Popular deductions no longer available to many taxpayers include write-offs for state and local tax deductions and charitable giving.Millions of taxpayers missed out on a pile of tax write-offs when they filed their returns last year. The decline is the result of the Tax Cuts and Jobs Act, the overhaul of the tax code that went into effect in 2018.
While standard deductions reduce filers' taxable income by a flat amount, itemized deductions allow you to lower taxable income based on the sum of different expenses you incurred – including charitable giving, state and local taxes, and casualty losses.
I missed one that I know of.
Trade-off for a simpler tax code.
TurboTax wouldn't have it any other way.
Darla_Mercado Talking about 'losing' tax breaks because of the higher deductible is wrong. Nothing was 'lost'. Just everybody automatically gets those deduction amounts. The only 'lost' tax break is the reduction to the amount of State and Local Taxes (SALT) that can be deductible. 1/
Darla_Mercado How did the average refund change by income bracket and between property owners /non-owners from 2017-2019?
Yep...we were one tax payer that felt that. Tax was about double compared to year before. Still a fan though of what was done
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