The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that now will be reduced or eliminated by the TCJA. Here’s what you need to know.
April 17 isn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.
You might be able to deduct home office expenses for 2017 but not 2018. The difference may depend on whether you’re an employee or self-employed.
For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.