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Video instructions and help with filling out and completing When Form 5495 Deductions

Instructions and Help about When Form 5495 Deductions

Hi I'm Ben Anders with innovative solutions CPAs and advisors there's been a lot of uncertainty and anxiety in the US since the passage of the tax cuts and Jobs Act in late 2023 this is the first in a series of short videos designed to help clear up some of that confusion my topic for today will be the changes in the standard and itemized deductions as you may know many years ago with the intention of not taxing people on the money that they need just for daily necessities in daily living Congress created something called itemized deductions this is a list of expenses that you can deduct before calculating taxable income if these itemized deductions don't add up to enough taxpayers can deduct a specified flat amount called the standard deduction on their 2023 tax returns many people will itemize their deductions if their total of mortgage interest property tax state and local income taxes charitable donations and a few other items add up to more than their standard deduction amount for 2023 the standard deduction amount for individuals is six thousand three hundred and fifty dollars and for married couples it's twelve thousand seven hundred dollars beginning for 2023 the tax cuts and Job Act increases the standard deduction for people filing single to twelve thousand dollars and for married couples to twenty four thousand dollars some people will still itemize their deductions in 2023 but many people will switch to taking the standard deduction this is because the limits on many common deductible items have been decreased here are some of the more important changes the deduction for state and local taxes including state and local income taxes property taxes and vehicle license fees has been capped at ten thousand dollars total this is going...

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