Post card taxes

Under the new tax plan estimates say that 90% of people will use the standard deduction of $24,000 rather than itemize deductions. For these people the dream of filing a simple tax form will become a reality. The most common reasons for itemizing is to deduct mortgage interest and property taxes and it takes a lot of house to bring those two deductions up to $24,000. In most areas of the country this means a $350,000 mortgage and that is limited to about 10% of home owners and using bank income ratios to receive a loan means an income of over $80,000. Here is the tax calculation for a married couple with no children. Income $80,000 Less standard deduction $24,000 Taxable income $56.000 Tax due at 12% $6,720 There it is. The long awaited post card tax return. For those with dependents it requires more info to collect the earned income credit and the child tax credit.