Tax Reform 3 Tax Deductions Are Going Away Due to Tax Reform, Here’s What You Can Still Claim [Infographic] Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 5, 2018 - [Updated Jul 3, 2019] 1 min read 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. Previous Post Does Tax Reform Impact How I Claim Standard vs. Itemized… Next Post New! TurboTax Tax Reform Calculator Educates on How Tax Reform… Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 15 responses to “3 Tax Deductions Are Going Away Due to Tax Reform, Here’s What You Can Still Claim [Infographic]” I retired from federal civilian service in 2018, and have moving expenses from overseas. I understand some is taxable but not all, such as Household goods and shipping a car. Where can I find the most recent info on this? I filed for an extension so no rush yet. Reply Hello Vicki, Congratulations on your retirement. Unfortunately, for tax years 2018 through 2025, the deduction of certain moving expenses is suspended for nonmilitary taxpayers. In order to deduct certain moving expenses, you must be an active member of the military and moving due to a permanent change of duty station. Thank you. Reply My spouse is head of household He is blind. Where do I deduct the $1,000. Also he only has S.S. as income. He gets$16872 a month. Is this taxable? Thank you Reply Were can I find help on medial & dental expenses? Reply I am a retired widow with a part time job. My social security income is $25,000 gross and my 1099 income was 10,100. I am over 70 and withdrew 5,000 from my IRA for which 10% tax was taken. How does the new tax law reflect on me? Reply Husband and wife both on Social Security what other deductions are legal other than the $24000. Reply I couldn’t claim EIC, I claimed my sister who lived with me all that of 2018 and made $40,00 Reply I claimed my sister as a dependent but wasn’t eligible for EIC, because I madev($40,000). Reply I am recently divorced from my wife and our children stayed with her. I have a fiancee with 5 kids and I support them all, can I claim them all on my exemptions as I care for all of the children, even though we are not yet married? Reply 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? Reply 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? Reply What is the contact phone number? Reply HELLO lisa, where would i locate/find tax preperation training materials ? i would like to provide that service into my educational learning portal. also if know is the training free or is there a charge Reply If you have an existing Mortgage you can no longer deduct the interest ? Reply If you have gains or losses in the stock market, are you allowed to take the standard deduction? Reply Leave a ReplyCancel reply Browse Related Articles Self-Employed Meet Moira Tax Planning TurboTax Enables Refund Advance to Taxpayers Investments Tax Benefits of Real Estate Investing Self-Employed Business Tax Checklist: What You’ll Need When Filing Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? 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I retired from federal civilian service in 2018, and have moving expenses from overseas. I understand some is taxable but not all, such as Household goods and shipping a car. Where can I find the most recent info on this? I filed for an extension so no rush yet. Reply
Hello Vicki, Congratulations on your retirement. Unfortunately, for tax years 2018 through 2025, the deduction of certain moving expenses is suspended for nonmilitary taxpayers. In order to deduct certain moving expenses, you must be an active member of the military and moving due to a permanent change of duty station. Thank you. Reply
My spouse is head of household He is blind. Where do I deduct the $1,000. Also he only has S.S. as income. He gets$16872 a month. Is this taxable? Thank you Reply
I am a retired widow with a part time job. My social security income is $25,000 gross and my 1099 income was 10,100. I am over 70 and withdrew 5,000 from my IRA for which 10% tax was taken. How does the new tax law reflect on me? Reply
Husband and wife both on Social Security what other deductions are legal other than the $24000. Reply
I am recently divorced from my wife and our children stayed with her. I have a fiancee with 5 kids and I support them all, can I claim them all on my exemptions as I care for all of the children, even though we are not yet married? Reply
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? Reply
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? Reply
HELLO lisa, where would i locate/find tax preperation training materials ? i would like to provide that service into my educational learning portal. also if know is the training free or is there a charge Reply
If you have gains or losses in the stock market, are you allowed to take the standard deduction? Reply