Have you started planning for 2018 tax year?
Do you know how the tax law changes will affect you?
As part of the tax law changes, some deductions will no longer be available in 2018. Here are some of the major deductions that are longer available:
- Personal exemptions.
- Unlimited state and local tax deduction. This will now be capped at $10,000.
- $1 million mortgage interest deduction. This will now be capped at $750,000 for new mortgages ($375,000 for married taxpayers filing separately).
- Casualty and theft losses except in disaster areas.
- Employer-subsidized parking and transportation reimbursement.
- Tax preparation fees.
- Donations to colleges in exchange for athletic event seats
- And many others.
Contact us to learn more about the recent tax law changes.
Call today for a free consultation @ 757-460-3910