Get ready to lose a handful of your favorite tax breaks, thanks to the Republican tax bill.
The legislation, known as the “Tax Cuts and Jobs Act,” nearly doubles the standard deduction from its current levels of $6,350 for singles and $12,700 for married couples who file jointly.
The legislation also does away with a raft of itemized deductions — breaks that filers can take for mortgage interest and other expenses to reduce their taxable income.
Currently, about 49 million taxpayers, or 28 percent of filers, itemize on their taxes, according to the Urban-Brookings Tax Policy Center. If the tax bill is approved and those nearly doubled standard deductions remain, it’s likely that even fewer taxpayers will itemize.
Those consumers will miss these five tax breaks once it’s time to file for the 2018 tax year.