7 Useful Tax Deductions That Will Disappear in 2018

Personal exemptions

Although the standardized deduction will be good news for many households, there’s also a catch to it. Even though it’s not an actual deduction, the new exemption lets taxpayers substract $4,050 from their taxable income for every dependent they claim.

Experts want to get attention on the increase in the child tax credit; however, it won’t do much for some people. As head of tax for Betterment Eric Bronnenkant explains, ‘Let’s say all your children are in college. Well, they get a personal exemption and no child tax credit.’ So all in all, it depends on your family situation and income.

“Taxpayers heard their new standard deductions will double, but they don’t hear about losing their $4,050 personal and dependency exemptions.” – Robert Duquette, accounting department professor at Lehigh University