One aspect of the new tax bill passed in late 2017, is a much higher standard deduction of $12,000 for singles and $24,000 for couples filing jointly. As a result of the higher standard deduction, it may no longer make sense for some people to itemize their deductions. According to the nonpartisan Tax Policy Center, it is estimated that the number of taxpayers who itemize will decline to 10% from 30% of all taxpayers. Read more
