Velie Consulting Services, LLC

Velie Consulting Services, LLC
​

Tax Returns prepared and e-filed starting at $75 (depending on additional forms)
​

​

Button Text
  • Home
    • Services
  • Income Tax Info.
  • Coupon
  • About
  • Other Links
  • More Links
  • Contact Info
  • About
  • Contact Info

Oh Where Oh Where Did My Deductions Go?

9/25/2018

0 Comments

 
The Tax Cuts and Jobs Act gave breaks to many, but those that itemized deductions will be surprised to find out that a lot of things they have been used to deducting are no longer allowed in 2018 and that might result in a tax sticker shock when their returns are prepared.
Here are a few of the gone but not forgotten:
  • Moving expenses – this used to be able to be deducted even if you did not itemize.
  • Personal exemptions – in the past you could deduct $4,050 per family member.
  • Home equity loan interest – this is not longer allowed for new home equity loans and the total amount of home debt now cannot exceed $750,000.
  • Casualty and theft losses – this is now limited to property damaged in disaster areas declared by the President.
  • Charitable contributions – this has been tightened to eliminate the value of athletic tickets received for your donation, In the past this was not required.
  •  Job expenses – unreimbursed work expenses are no longer allowed.
  • Tax preparation fees –  these have been eliminated as well as tax software and preparation subscriptions and books.
  • Investment advisory fees – many taxpayers who were previously able to deduct these as well as IRA fees and investment books and subscriptions are no longer able to deduct these costs.

0 Comments



Leave a Reply.

    Author

    Helpful Information from a variety of Authors who are listed in their articles.

    Archives

    January 2021
    December 2020
    May 2020
    March 2020
    February 2020
    January 2020
    November 2019
    October 2019
    January 2019
    November 2018
    September 2018
    February 2018
    January 2018
    December 2017
    November 2017
    February 2017
    January 2017
    December 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    September 2015
    January 2015
    November 2014
    October 2014
    September 2014
    December 2013
    November 2013
    September 2013
    January 2013
    January 2012
    November 2011

    RSS Feed

Proudly powered by Weebly