Now that 2019 is off and running, it's time to start thinking about taxes. The tax reform bill, which was signed into law in December 2017, means changes for your taxes this year. Here are a few things to think about:
The marriage penalty is gone. The new law does away with the decidedly unromantic situation in which spouses were pushed into a higher tax bracket when they married. It’s all part of an overhaul in the tax bracket structure. If you’re single, you’ll probably see your tax bracket lowered, too.
Standard deduction. It’s the age-old question. Should you itemize or take the standard deduction? This year, thanks to the new tax laws, the answer to that question just got a lot easier. The standard deduction is now twice what it has been in previous years. For 2019, that means $12,200 for individuals, and $24,400 for married couples filing jointly. It means more people are going to be opting for the standard deduction, especially with the new limits on state, local or property tax deductions, capped at $10,000.