Under the new tax law, her personal deduction is zero in 2018 and her standard deduction is $12,000. In this example, the single taxpayer has a larger deduction in 2018.
Are there any new tax deductions for 2017?
Take an individual filing in 2017. She could have taken her standard deduction of $6,350 and a personal deduction of $4,050, totaling $10,400. Under the new tax law, her personal deduction is zero in 2018 and her standard deduction is $12,000. In this example, the single taxpayer has a larger deduction in 2018.
Are there any tax deductions you can no longer claim?
Like job expenses, the costs you’ve paid to your tax preparer, when combined with other miscellaneous deductions were deductible to the extent the total exceeded two percent of your AGI. This deduction is no longer allowed.
Are there any mortgage interest deductions for 2018?
“In 2018, unless that taxpayer used the borrowed funds to buy, build or substantially improve either their primary home or a second home, the interest is not deductible,” said Shan-Nel D. Simmons, a former IRS revenue agent and owner of Nel’s Tax Help. 6. Moving expenses
How much can you claim on tax deductions?
Last year, everyone could claim this deduction, which was $4,050 for yourself and each family member listed on your tax return. So, if you are single, you could claim one exemption, and if married with two children, you would have claimed four personal exemptions. How much should you pay for tax prep?
Are there any tax deductions for paying a tax preparer?
Because your employer can still deduct these costs, consider asking them to help towards these expenses. Like job expenses, the costs you’ve paid to your tax preparer, when combined with other miscellaneous deductions were deductible to the extent the total exceeded two percent of your AGI. This deduction is no longer allowed.