3 Tax Deductions Are Going Away Due to Tax Reform, Here’s What You Can Still Claim [Infographic]

Tax Reform

The new tax reform law, passed in December 2017, is the largest piece of tax legislation in nearly 30 years and changed several key tax provisions for taxpayers and families. But what do these changes mean for your taxes?

Most notably, the standard deduction nearly doubled ($12,000 single and $24,000 married filing jointly) and some tax deductions were either eliminated or reduced. Although some tax deductions, like the dependent exemption, went away with the passage of the new tax reform law, there are still tax deductions and credits you can claim to maximize your tax refund.

Check out our infographic to find out what tax deductions are going away effective with your 2018 taxes (the ones you file in 2019) and more tax deductions and credits you can take in their place.

Comments (2) Leave your comment

  1. Is the new 20% business deduction for self-employed individuals already incorporated into TurboTax 2018? If not, when will it be, and where will this deduction be on the Form 1040? (i.e. on Schedule C, or on 1040 as adjustment to income?) Also, will this deduction need to be “added back” to Schedule C income when calculating the maximum SEP-IRA deduction for self-employed?

  2. My wife and I live in Virginia virtually year-round. We recently sold a vacation property that is situated in Pennsylvania that we used from time to time, never more than two or three weeks a year. Also, it was never rented to anyone. Does either Pennsylvania or Virginia charge a capital gains tax on the sale of the vacation property?

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