7 Tax Loopholes That Could Save You Big

One of the biggest changes the new tax law brings is a near doubling of the standard deduction to $12,000 on single returns, $18,000 for head-of-household filers and $24,000 on joint returns … up from $6,350, $9,350 and $12,700 in 2017. Individuals age 65 or older and blind people continue to get an additional standard deduction of $1,300 more per person ($1,600 if unmarried).

Fortunately, there’s a handful of tax breaks that people taking the standard deduction can still claim to lower their tax bills. Most of these so-called “above-the-line” deductions have no income limits, so anybody can claim them.

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