Standard Deduction vs. Itemized Deduction

Under the Tax and Cuts Jobs Act (TCJA), itemized deductions have shifted, and in some cases no longer exist. The limits on the itemized deductions may push many tax payers below the new standard deduction amount that has increased. The purpose of the tax reform was to simplify tax preparation and push more taxpayers into the standard deduction. Hear how itemized deductions have changed and which ones are no longer available, including home office deductions, the 2% miscellaneous itemized deductions, and investment advisory fees. Be sure to speak with your tax advisor to take the approach that is best for you and your situation.