10 Useful Tax Deductions That Disappeared This Year

Taxpayers can no longer claim certain deductions. The Tax Cuts and Jobs Act of 2017 was touted as the largest tax overhaul in 30 years and it could be a mixed bag for many households as it maximizes the standard deduction and child tax credit but makes more than a dozen deductions extinct.

Some filers may receive a significant tax break while others may see their refunds shrink as a result of new deduction rules. “Most people won’t know until they fill out their tax forms,” says Shaun McClung, a Tampa, Florida-based tax managing director at the accounting firm CBIZ MHM, LLC.

Check out the ten tax deductions that disappeared this year!

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24 thoughts on “10 Useful Tax Deductions That Disappeared This Year”

  1. this is typical government CRAP implemented to get every single dime out of the ordinary citizen. Time to move to a better country with more realistic tax regs. I am sure TRUMP will not being paying much in real taxes but alot of imagined ones. What a great country this is……………!!!!!!!!!

    1. You can blame your Obama for this because he set this up. Remember all of his rules he implemented are now come through. Learn political principles before blaming President Trump.

      1. Bull,

        Obama had nothing to do with these changes in the US tax code. This is Dumbo Trump and ahole Ryans baby. Put the blame where the blame is due.

      2. Tax Reform 2018 Explained
        Friday, December 22, 2017

        Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

        Brittney LaryeaBrittney LaryeaShen LuShen Lu

        iStock
        As promised, the bill formerly known as The Tax Cuts and Jobs Act arrived on President Donald Trump’s desk before Christmas. He signed it into law today.

        The House (again) approved the final version of the most sweeping rewrite of the tax code in more than 30 years. The tax bill previously passed the House — it was a 227-203 vote, no Democrats supported the bill — on Dec. 19. Then, the Senate passed the final version of the $1.5 trillion tax bill in the early hours of the morning Wednesday, Dec. 20. The vote was 51-48 along party lines.

        However, in a plot twist that had to do with archaic Senate rules, the Senate’s infamous Byrd Rule forced Senate Republicans to change the bill’s name and eliminate two of its proposed provisions before taking a vote, so the House had to reapprove.

        Officially, the new name of the bill is “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”, but it’s been called the Tax Cuts and Jobs Act since it was introduced back in November 2017. The Senate parliamentarian ruled the bill’s name and two other provisions — one that would have allowed parents to pay for homeschooling with money from 529 savings accounts and another that was part of criteria used to determine which colleges would qualify for a new excise tax — had to change else the bill would violate the budget rules Senate Republicans have to follow to pass their bill through a process that prevents Democrats from filibustering.

      3. I don’t recall the Obama Administration implementing rules and policies for a new tax laws. Has history been rewritten? This great work is due to the diligence and foresight of Republicans.
        Please don’t give credit away. This is a Republican Victory. I was told personally by my elected representative that all tax payers would come to love the new tax codes. After all, why would they create a new tax code that people would come to hate? It wouldn’t make sense.

    1. In a word NO
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      Good luck with getting some relief for your furry child.

  2. It was obvious that this year was going to get a little tighter for some, but honestly you really have to be doing pretty well for a lot of these to impact you dramatically. What I am concerned about is that latest polling showed a majority of Americans okay with 70%+ taxes on the “rich”. The problem is that definition of “rich”..

    Making $300K in the Bay area does NOT qualify as rich, but if you contrast that with a state job in Oklahoma it sounds excessively cushy. With the caps on write-offs and a potential incoming administration looking to un-do everything Trump has done and implement higher capital gains taxes and increased income taxes on anyone probably over $85K AGI I am more concerned with where this is heading than where it is today.

    My CPA tells me that there is a lot of momentum to get rid of mortgage deductions as well.. so brace for shock.

    1. No, you don’t have to be “doing pretty well” for this Act to have a significant impact on you. My husband and I are in our late 60s, so we lose the double exemptions for the elderly. Our medical expenses approach (but do not exceed) the new $24,000 standard deduction, so we LOSE.

      So will many others in our situation.

  3. Wonder how many people who voted for Trump because he said he’d lower their taxes, are going to take it in the teeth, with these deductions gone.

  4. This is truly a hardship on me, I’m elderly and only rely on my pension and social security. By eliminating the personal deductions. A group of you should reevaluate your decisions concerning the elderly and single people. We can barely make it as it is with the economy as high as it is.

    1. Betty,

      Yes. People who don’t make a lot of money usually don’t benefit from the increased standard deduction as much as they did from the personal exemptions.

      You will get the standard deduction ($12,000) though, instead of the exemption. You may be better off.

      1. I’m retired and senior so I lose my exemptions for me and wife also senior. Our medical cost this year was $32,000 so we could have had that plus the 2 exemptions. So we lost big time. Also with the cost of living eating all your savings since the fix income does not grow, now we also lose small stuff like cost of tax prep, Ira fees etc. Looks like this was done thinking to heavily tax the middle low income persons who are the one’s that need it the most. Specially the seniors on fix income.

        Although the standard deduction has increased when you are a senior your medical cost is astronomical and you are surely to beat the standard deduction by itemizing but you now lose your personal exemptions.

        Tell me how I have gained and reduced my taxes? On the contrary now I have to dig deeper into my small savings until its all gone then I guess its time for free government handouts specially in medical costs which will be paid by other middle class working people by increasing their taxes but not the well to do.

        IMHO whoever structured this tax revision had no idea of what is going on in this country or perhaps he did and directed it to tax the middle class and give others in the upper brackets more breaks where they can afford high powered tax attorneys and avoid paying taxes altogether. I guess they figured out there are many more of us lower earning people than the high earnings one’s and they would get more $ by taxing the lower earners who always struggle to pay their taxes but always pay them.

    2. If you are alone and have no dependents the removal of the personal deduction won’t hurt you at all. As a matter of fact your standard deduction will increase from $6300 to $12000. Also, you need to get some tax advise from an accountant. You may not have to pay taxes on your social security or you pension depending on your situation.

    3. My wife and I are on Social Security and my small pension. We do not have to pay taxes on our Social Security and the standard deduction dwarfs my pension so our taxable income is $0.00.

      Always in the past we have had to pay some taxes on our Social Security.

    4. With the removal of some of the specific cheritable deductions, there was a modest increase in the standard deduction, so this should actually benefit you.
      I ended up filing standard deduction last year, as my itemizations, even married and mortgage interest, did not credit me as much.

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