How Will the Change in the Standard Deduction Impact Ministers?

Original post by ECFA on January 18, 2018

"The impact of the increased standard deduction will greatly vary from one minister to another. So, the answer is, it depends.

Here’s what’s changing under the tax reform law: For a married couple filing jointly, the standard deduction increases from $12,700 in 2017 to $24,000 in 2018—it almost doubles.

To understand the true impact, let’s look at three of the most common scenarios, assuming married filing jointly:"

See full post here.

#ECFA #Taxes #IRS

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