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The Shifting Deduction Landscape Under the TCJA

June 26, 2019

Before the Tax Cuts and Jobs Act (TCJA), most moderate-to-high-income taxpayers itemized deductions on Schedule A, rather than claiming the standard deduction on their personal returns. Due to a few sizeable deductions, the amount often exceeded the standard deduction — sometimes by a lot. Since it was passed, the TCJA has changed the lay of the deduction land for 2018 through 2025. Read more at AccountingWeb.