Year-end planning has a whole new look now that a few popular tax deductions have gone away.
The Tax Cuts and Jobs Act raised the standard deduction and did away with personal exemptions and some of the most commonly used deductions, such as job-search expenses, the fees you pay your tax preparer, investment expenses and more.
“While the TCJA was designed to reduce most individuals’ tax liability, it may mean an increase for some taxpayers,” said Jennifer Lowe, a senior director at Wolters Kluwer, Tax & Accounting.
“It all depends on everyone’s unique situation,” added Christina Taylor, a senior manager of tax operations at Credit Karma Tax. “I can’t wait to see what happens.”
In the meantime, plenty of deductions and credits are still available for taxpayers to maximize their year-end strategy, according to Lisa Greene-Lewis, a CPA and tax expert at TurboTax.
And, “there’s still time to make an impact despite the changes,” Greene-Lewis said.
Check out TurboTax’s infographic below to see which tax deductions have gone away — and the deductions and credits you can still make the most of before December 31.
