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2018 Standard & Itemized DeductionsnnFew more months before 2018 ends and we will be filing our taxes under the new tax reform. This topic is to make you aware of change in your refund/payment (from 2017) when you file your 2018 return. Some will ask the question, why I am paying more taxes or getting less refund even though my situation did not change from prior year. Part of the answer will be in the points below, which is only related to 2018 Standard & Itemized Deductions. There could be other factors, but it is not covered under this topic.n• Standard Deduction Amounts. The standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. The standard deduction in 2018 as the law currently exists is $13,000 for a couple filing jointly. That number will jump to $24,000. For single filers it jumps from $6,500 to $12,000.n• The personal exemption $4,150 (in 2017), but for 2018, would be repealed (No longer active)n• For 2018, the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,600 for unmarried taxpayers.n• There will be no personal exemption amounts for 2018.n• In general, fewer filers are expected to itemize in 2018 because the new tax law has doubled the standard deduction. If you fall into that category, you may need to update your allowances to ensure you're withholding the right amount of tax.n• If you itemize, filers to claim a deduction of up to $10,000, reflecting a combination of state and local income and sales taxes, plus property taxes.n• Starting in 2018, homeowners can take a mortgage interest deduction on a loan of up to $750,000, down from the current law's limit of $1 million, Example “If you have a mortgage of $800,000, you can deduct interest on the first $750,000...