|Filing status||Deduction amount|
|Single or married/RDP filing separately||$4,401|
|Married/RDP filing jointly, head of household, or qualifying widow(er)||$8,802|
|The minimum standard deduction for dependents||$1,050|
How can I reduce my taxable income in 2018?
As we head into 2018, here’s a list of moves you can make to lower your tax burden and pocket more of your hard-earned money.
- Contribute to an IRA or 401(k)
- 2. Make an extra mortgage payment.
- Give more cash to charity.
- Clean out your closets.
- Track your mileage.
- Sign up for an FSA.
How can I reduce my taxable income?
The number one way to reduce taxes is to reduce your income. And the best way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages and lowers your tax bill. You can also reduce your Adjusted Gross Income through various adjustments to income.
Did California taxes go up in 2018?
That means the federal law won’t affect how much Californians pay in state income tax for 2018, although it could make filing tax returns more complicated for some. Those who take the new, higher standard deduction on their federal return will still be able to claim itemized deductions on their state return.
What is the standard deduction for California 2017?
California has an exemption credit of $111 for singles and heads of households, and $222 for married couples filing jointly. These begin to phase out for higher-income taxpayers. There is a standard deduction of $4,129 (single or married filing separately) or $8,258 (married filing jointly or head of household).
What can I deduct on my taxes in California?
Federal law limits your state and local tax (SALT) deduction to $10,000 if single or married filing jointly. California does not allow a deduction of state and local income taxes on your state return. California does allow deductions for your real estate tax and vehicle license fees.
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