Personal Finance


If you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed.

That’s because the Tax Cuts and Jobs Act placed steep limits on itemized deductions, including lesser-known breaks for the fees you pay your tax preparer and unreimbursed employee business expenses.

The new tax law also eliminated personal exemptions and nearly doubled the standard deduction to about $12,000 for singles and $24,000 for married joint filers — which will likely result in fewer people taking itemized deductions on their 2018 returns.

“The standard deduction is so high,” said Cari Weston, CPA and director of tax practice and ethics at the CPA institute. “You might not itemize in the future if you were itemizing before.”

Here are six itemized deductions that are capped or gone altogether from your 2018 return.



Source link

Articles You May Like

Robinhood debate highlights differences in FDIC and SIPC protections
Legendary trader Andy Hall bets oil prices are going to rebound
Instagram was the ‘most effective’ platform for Russian actors: report
JP Morgan faces lawsuits after guilty pleas by a former metals trader
These are the people most likely to gamble with retirement savings

Leave a Reply

Your email address will not be published. Required fields are marked *