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:
- Personal exemptions
- Employee business expenses
- Tax preparation fees
- Investment advisor fees
- 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.