The Tax Cuts and Jobs Act of 2017 has been named by specialists as the largest tax overhaul in 30 years. Thus, we should now pay attention more than ever to every change that is being made, because the income tax returns next year will be noticeably different.
“Overall, everyone should get some type of tax savings,” says Miguel Farra, chairman of the tax and accounting department for accounting firm MBAF in Miami.
Technically, all of these changes are meant to improve our lifestyle. However, there are also certain downsizes regarding deductions for the 2018 tax year. In other words, this is the last year when you’ll see the following deductions on your tax forms, so let’s find out which ones they are.