Don’t Expect to Find These Deductions When You File This Year
Don’t Expect to Find These Deductions When You File This Year
A lot has been made of the all the tax changes this year, thanks to the Tax Cut and Jobs Act. Many of the laws have been altered and some have been completely eliminated. Certain credits have been cut, while others have been increased. The same is true for deductions. Many of the usual deductions are still available, while others have been reduced. And some have been completely cut.
So which deductions are gone that you need to be aware of? If you haven’t been paying attention, then you might be in for some unpleasant surprises. For starters, the personal exemption no longer exists. The Standard deductions were raised to make up for this, but for larger families, that might not help.
Additionally, the state and local tax deductions have been capped at $10,000. Before the new law, the deduction amount was unlimited. This will have a big affect on people who live in high tax states.
Furthermore, you can no longer claim interest from home equity loans unless you use the money to improve the primary residence for which the loan was secured.
There are several other miscellaneous deductions that have also been eliminated, including unreimbursed work-related expenses. Moving expenses are also gone unless you’re in the military and you’re required to move. And don’t expect to deduct any expenses for tax preparation, either. That deduction is no longer available.
We hope you found this article about “Don’t Expect to Find These Deductions When You File This Year” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
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