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1988 tax law changes ease filing for many taxpayers
The 1988 tax year brings higher personal exemptions and standard deductions, two-bracket rates, and phase‑in provisions from the 1986 Tax Reform Act. Higher exemptions include $1,950 per person and increased standard deductions, with complex rules on mortgage interest, state taxes, and limited itemized deductions. Taxpayers must watch interest expense classifications and the 33 percent top bracket, which can negate personal exemptions for high incomes.
MENTIONED IN THIS ARTICLE
Internal Revenue Service
Alan Axelrod
International
Arthur Young
New York
IRS
Stephen Dodd
Deloitte Haskins & Sells
Dallas
Dodd
Ken Strauss
Spicer & Oppenheim
Miami
Axelrod