Hello, this is Sima

By: Sima Auerbach

I mentioned some words about tax deductions in my last Hello and would like to amend what I had written.
Although the personal exemption was eliminated by the new law, the standard deduction was nearly doubled. It’s now $12,000 for single people and $24,000 for married couples filing jointly; for married taxpayers who are 65 or older, or blind, each spouse receives an additional standard deduction amount of $1,300. For a single individual or head of household meeting the same criteria, the additional standard deduction amount is $1,600. While the charitable deduction was left unchanged and is still tax deductible, your ability to claim the charitable contribution deduction will depend on whether you have enough charitable and other itemized deductions to exceed the standard deduction.
Hope this is clear.
P.S. Went to visit Abraham on his one month birthday. I wish him a less complicated world!