(12-14-2017 02:51 PM)georgia_tech_swagger Wrote:  

(12-14-2017 02:46 PM)chiefsfan Wrote:  I'm self employed, but I am not yet old enough to have family of my own. I rely specifically on itemized deductions to keep my taxes from getting out of control, and right now a few those deductions are getting repealed.

If I had kids, or one of those jobs where taxes are taken out of your paycheck every month, it'd be different. But because my job chose a few years ago to switch to a self employment model (Right around the time Obamacare passed), I'm getting screwed. It's no fun. Right now I'm looking at about 600 bucks more per year

Also self-employed and sans family here. The standard deduction, last I saw, was being doubled. And the mortgage deduction was still in place up to $500,000. And the property tax deduction was still in place up to $10,000. I also itemize, but only come out about 10-15% better than the standard deduction. So doubling the standard deduction is a win for me.

I'm on year 11 of my 30 year mortgage. I'm still probably going to be better off itemizing, but eventually, due to the amortization schedule paying more on principle and less on intereset, the doubling of the standard deduction is going to start saving me even more taxes in the long-run and I won't have to go through the PITA and credit colonoscopy of a refinance.