What Most People Get Wrong About the New Tax Rules
The new tax reforms set forth in the Tax Cuts and Jobs Act go into effect for the first time this tax filing season. Many people are confused about how the changes in the tax code might impact them as they prepare to file their 2018 tax returns.
Misunderstanding #10: You’ll pay more if you don’t itemize
Thanks to the new tax reform, it won’t make sense for a lot of people to itemize deductions anymore, even if they have always done so in the past. If your deductions don’t add up to an amount which is higher than your standard deduction, itemizing probably doesn’t make sense, Adam explains. (You should consult with a tax professional to be sure.) Check out 13 of the craziest tax deductions ever claimed.