![]() ![]() I’d recommend grabbing some manila folders and labeling them. I have a simple way of dealing with tax documents in lieu of itemizing that has worked for me over the years. Itemizing your taxes can be fairly straightforward – but much more so if you prepare year round. This is quite a dramatic change over what the 2017 (pre-tax reform) standard deductions were: The current standard deduction levels are: The standard deduction levels are annually adjusted and indexed to inflation. With the Tax Cut & Jobs Act (tax reform that went into effect starting in 2018), the standard deduction levels were doubled, and it’s now estimated than only about 10% of tax filers itemize their deductions now. I used to get excited about being able to itemize my taxes as I could see my tax obligation shrink with each added deduction or credit. Pre tax-reform, I was one of the 35-40% of Americans who itemized my taxes and did not take the standard deduction, and it paid off.
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