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The E-Bill will itemize the deposit separately from the rest of the program fees.
Today, only 30percentt of taxpayers itemize their deductions — and far fewer will itemize under the GOP tax plan, because it will double the standard deduction.
The Tax Policy Center estimates that about 27 million fewer taxpayers will itemize under the new law.
Similarly, doubling the standard deduction means fewer people will itemize, meaning fewer will use the mortgage interest deduction.
Remember, this year brings significant changes in the tax code that could affect how you file your taxes, including whether you will itemize or take the new standard deduction, which has roughly doubled.
The flipside of this coin is that it is estimated that less taxpayers will itemize: only 5% of individuals instead of 30% according to Urban-Brookings Tax Policy Center.
The assumption is that a higher standard deduction means fewer taxpayers will itemize their deductions on their tax returns, reducing the incentive to give to charities.
If you will itemize expenses, determine if the personal legal expenses fall under one of the following two categories.
The best way to decide whether you will take the standard deduction or will itemize expenses is to fill out IRS Form Schedule A ("Schedule A"), and see which gives you the largest deduction.
Q: What receipts/records do I need to keep now that I'm not sure if I'll be itemizing or taking the standard deduction under the new tax law?
I will write out an itemized list of things for you all.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com