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!