You may recall that last year’s tax season was one for the history books, with the most sweeping overhaul of the tax code in recent memory going into effect. While this year doesn’t bring quite as many changes to freelance tax returns, it’s still important to be aware of what’s new. With barely eight weeks to go, now’s the time to take note of these changes that will impact your 2019 tax return:
An increase in the standard deduction.
Yes, the standard deduction doubled in 2018, and it is increasing again this year to account for inflation, making it much more likely that most people will be claiming it rather than itemizing their deductions.
Single filers can claim a standard deduction of $12,200, and married individuals filing jointly qualify for a standard deduction of $24,400. Individuals who qualify as head of household get a standard deduction of $18,350.
Since the standard deduction is expected to be more advantageous for approximately 90 percent of taxpayers than itemizing deductions (and most likely you, unless you have very high unreimbursed medical expenses), you may want to check with a tax professional if you do the math and still think you should itemize your deductions.
A reprieve on the