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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3890
Experience:  IRS licensed Enrolled Agent and tax instructor
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What is the story about a consumer bonus in the tax reform

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What is the story about a consumer bonus in the tax reform bill #11042 Thank You, ***** ***@******.***
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Thats all I know except I could receive up to the maximum of $3700 a year until 2025 without receipts except for large items.
JA: Is there anything else important you think the Accountant should know?
Customer: No.

Hi. My name is ***** ***** I will be happy to help you.

There are several big changes but probably what you are referring to is doubled standard deduction. It allows you to deduct larger amount without having to itemize your deduction and provide receipts for your taxes, mortgage interest, medical, charitable and such. Standard deduction for single increases to 12K, for couple to 24K and head of household to 18K.

However, you will not be able to deduct 4K for you, your spouse and your dependents, known as exemptions.

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