Casualty Losses in 2018
A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.
Charitable Deductions
December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.
Small Business Tax Savings for 2017
Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.
Tax Deductions: Moving Costs
If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.
TCJA & Medical Expense Deductions
The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.
Can You Deduct Home Office Expenses?
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.
Personal Exemptions, Standard Deductions, & Tax Credits
It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.
TCJA & Bonus Depreciation
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.
Tax Cuts and Jobs Act: Key Provisions
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.