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The new world of deductions: What you need to know

Did you know that the Tax Cuts and Jobs Act doubled the standard deduction to about $12,000 for singles and $24,000 for married joint filers, and did away with many itemized deductions? The new tax law made a number of such changes related to deductions effective from 2018. And with this year’s tax season already underway, it is important that you inform yourself about these changes so that you know what to claim as deductions on your tax return.

Watch the video below to know more about the new changes to deductions.

 



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