2003 Tax Law
Change Benefits Married Taxpayers
The Change May Benefit Married Taxpayers Who Do Not Itemize
AND Some of Those Who Do
For 2003 and 2004, the standard deduction for married
couples will increase to twice the amount of the standard deduction for
single taxpayers. This increases the standard deduction for a married
couple filing jointly by 1,550 dollars. This change will directly
benefit married taxpayers who cannot itemize deductions
This temporary change may make it more advantageous
for married filers whose itemized deductions just barely exceed the new
standard deduction to only itemize deductions every other year. You can do
this by grouping certain deductions, such as charitable contributions and
property taxes, in years that you itemize. For example, prepay your
planned 2004 charitable contributions and property taxes (if your local
government allows) in 2003, boosting your 2003 itemized deduction.
Then, take the new, higher standard deduction in 2004
In 2003, the standard deduction for taxpayers who
file a joint return increases to $9,500.
