Higher Standard Deduction Amount

When you file your return, you still have a choice between taking the

standard deduction

or

itemizing your personal deductions

. The standard deduction amounts for 2018 are nearly double what they were in 2017: $24,000 for joint filers and surviving spouses, $18,000 for heads of households, and $12,000 for singles and married persons filing separately.

This higher standard deduction amount means you’re more likely not to itemize (it is estimated that just 10% of filers will itemize under the new tax law down from 30% previously). This simplifies your recordkeeping.

And the increased standard deduction amounts also affect whether you’re required to file any tax return because there are now higher filing thresholds reflecting these higher standard deduction amounts.