Tax Deductions Vanished in 2018
What standbys did tax reforms eliminate?2/23/2018
tax planning
Are the days of itemizing over?
Early drafts of H.R. 1 left only two itemized deductions in the Internal Revenue Code – one for home loan interest, the other for charitable donations. The final bill left many more standing, but plenty of others fell. Here is a partial list of the itemized deductions unavailable this year.1
Moving expenses.
Casualty, disaster, and theft losses.
Home office use.
Unreimbursed travel and mileage.
Miscellaneous unreimbursed job expenses.
Job search expenses.
Subsidized employee parking and transit passes.
Home equity loan interest.
Investment fees and expenses.
Tax preparation fees.
Legal fees.
Convenience fees for debit and credit card use for federal tax payments.
An important note for business owners.
An important note for teachers.
The tax reforms aimed to simplify the federal tax code, among other objectives.
Consult with a Vermillion Financial Advisor today. Vow to focus on being healthy and wealthy in 2018.
Need help planning your retirement? Have you saved enough to live your desired lifestyle in retirement?
Call Now Request Appointment (FREE COMPLIMENTARY NO-OBLIGATION CONSULTATION)