Are the changes to the tax laws going to affect you?

9 write offs you can’t claim anymore

1. Personal exemptions
2. Casualty and theft losses
3. Unlimited SALT deductions (state and Local tax)
4. Mortgage interest above $750,000
5. Unrestricted home equity loan interest deduction
6. Moving expenses
7. Work-related expenses
8. Tax preparation fees
9. Other miscellaneous expenses
[quote]Many other miscellaneous deductions are off the table for 2018. Also included in this bunch are expenses related to investment fees, legal fees, home office use and alimony for divorces finalized after December 31, 2018. These deductions will be reinstated in 2026 unless Congress votes to extend the current rule.[/quote]

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CopperCicada · M

It's not going to affect me. I had good counsel and actually aborted some of my activities. Namely things related to "work-related expenses".

So I'll have more money in my pocket, but I won't be doing the pro-bono teaching that I once did.

KaysHealingPath · 36-40, F

@CopperCicada would’ve been nice if this information would have been more widely shared with us before lol 😂

CopperCicada · M

@KaysHealingPath Well, as I was told--- if you file a couple W2's as a family, the tax changes are good for you. If you are a small business owner, the tax changes are also good for you.

But if your life is more complicated, then the tax changes aren't good for you.

That "more complicated" can be anything from financial crises and personal tragedies to working professionally without forming an LLC as a shield.