(FOX NEWS) - Filing taxes is something that fills most of us with dread. We do the costly, complicated chore and can’t wait to move on. It’s usually not a day to celebrate.
But this year, for a change, there is good news. Thanks to the recently enacted “Tax Cuts and Jobs Act,” this is the last time you will have to file your taxes under the old, outdated system.
What does this mean for middle-income families? In short, more money and less hassle.
For starters, it means the next time you file your taxes, you will benefit from a nearly doubled standard deduction: $12,000 for individuals and $24,000 for married couples. This change alone means greater simplicity that will allow nearly nine out of 10 people to do their taxes on a short, simple, and straightforward form next year.
And of course, tax reform means hardworking families will be able to keep more of their money.
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