Taxpayers would need deductions worth more than the standard deduction for itemizing to make financial sense. And with few deductions left for taxpayers to turn to, that threshold will be a harder hurdle to clear.
For example, married couples filing jointly now get a standard deduction of $24,000, up from $12,700 last year. That amount for single filers is $12,000, up from $6,350. For heads of households, it’s now $18,000, up from $9,350. In combination with raising those amounts, the new tax eliminated personal exemptions.