If you haven’t started your 2017 tax return, you should get on it. The Internal Revenue Service accepted the first tax return filings in late January.
The sooner you get them done, the faster you’ll get a tax refund. Here are three tax deductions you have to consider:
#1: Personal Exemptions
Under the Republican tax plan, the standard deduction was nearly doubled to $12,000 for single filers and $24,000 for married couples filing jointly. Millions of Americans will see more money in their pockets as a result.
If you’re single or married without children, the standard deduction could save you a lot of money. If you’re a single parent or married with multiple children, don’t forget the personal deduction. Depending on your financial situation, the personal exemption might actually save you more than the increased standard deduction.