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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Northwest · M

#1 hits lower income people, relative to their income, a lot harder than it does higher income people. If you're in the low to mid level income brackets, that's $4050 per person that you can no longer claim.

The same goes for SALT.

I know that some people may have been seeing higher paychecks, throughout 2018, but let's see what happens when they file their tax returns. My state has no state taxes, but we have a lot of local and real estate taxes that make up the difference, so we end up putting in more than we take out.