Tag Archives | tax cuts and jobs act individuals

business man in car driving

Vehicle Expense Deduction for Individuals

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through […]

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2018 Tax Deductions

2018 Individual Tax Deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five 2018 tax deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State […]

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blackboard with property tax written on it

Should I Prepay My Property Taxes?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But […]

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