Tony Novak CPA

Five tax deductions you will miss this year

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by

Tony Novak
in ,

The Tax Cuts and Jobs Act eliminated some of the tax deductions that helped some taxpayers reduce their taxable income. These are the five you are most likely to notice when you file your 2018 return:

  1. Personal exemptions
  2. Employee business expenses
  3. Tax preparation fees
  4. Investment advisor fees
  5. Mortgage interest and property taxes above $10,000

Talk with us or your advisor for other ways to compensate for the loss of tax deductions.

Comments

2 responses to “Five tax deductions you will miss this year”

  1. Four taxpayer reactions as the realities of new tax law hit home – Tony Novak CPA

    […] 2) At least 1 in 5 middle-income taxpayers in my area, and probably a higher ratio within my attorney client niche market, will face higher tax bills. The amount of the increase shocked some tax filers. Indications are that many are not aware of the loss of popular tax deductions. […]

  2. Home office deduction for employees in 2018 – Tony Novak CPA

    […] this blog post “Five tax deductions you will miss this year” for other deductions eliminated in […]

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