3 Things About Taxes Americans Are Getting Wrong
Most of us don't spend our days actively studying the tax code. But there are certain basic tax facts you should be aware of, since having that knowledge could help you make smart money-saving decisions throughout the year. But in a survey released in early 2019, a large number of Americans proved themselves unaware of some essential tax concepts. Here's what those facts entailed -- and what you need to know about them.
If you don't know what the standard deduction looks like, you won't know whether it makes sense to claim it versus itemize on your tax return instead. For the current tax year, the standard deduction is $12,200 for single tax filers, and $24,400 for married couples who file a joint tax return. In 2020, however, these numbers are increasing to $12,400 for single tax filers, and $24,800 for couples filing jointly.
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Source Fool.com
