When it comes to tallying your tax deductions, it can pay to get creative.
The Tax Cuts and Jobs Act took effect this year, and with it, some major changes to the way individuals and businesses file their taxes. Key items include the doubling of the standard deduction to $12,000 for singles and $24,000 for married couples who file jointly, the elimination of personal exemptions and sweeping changes to itemized deductions. The changes do not affect filings for the 2017 tax year.
About 49 million taxpayers, or 28 percent, currently itemize, according to the Urban-Brookings Tax Policy Center. Due to the higher standard deduction, fewer filers are expected to do so in the future.