3 Ways You Might Benefit From the New Tax Bill
With the new tax bill expected to be signed into law later this week, countless Americans are now left wondering how exactly the impending changes will impact them. And while not everyone will come out a winner in light of the new rules, there are a few features that may end up benefiting you.
Those who itemize on their taxes won't care about the generous increase the standard deduction is getting. But since the bulk of tax filers take the standard, it stands to reason that a large chunk of Americans will benefit from this major boost. Currently, the standard deduction is $6,350 for single tax filers and $12,700 for married couples filing jointly. Going forward, it's jumping to $12,000 for single filers and $24,000 for joint filers. And that'll no doubt result in some serious across-the-board tax savings.
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Source: Fool.com
