Changes to your itemized deductions for tax year 2018

Many clients have been asking how the new Tax Reform changes will impact their tax returns and itemized deductions in 2018.

Forbes.com posted a fantastic article on the up coming changes. These changes will impact a wide range of clients, but those who have Form W2 wages with unreimbursed employee expenses will see that those deductions are no longer available.

Unreimbursed employee expenses are those ordinary and necessary expenses that you incur while performing your job duties such as: mileage on your personal vehicle, uniforms, continuing education, travel costs, tools and equipment, etc…

Under the new Tax Reform the 2% Misc Deductions have been eliminated. If this change may impact your return, you should speak to your employer about an accountable reimbrusement plan. This would remove those expenses for you – the employee and allow business to reimburse you for those costs.

Check out this article for more information

https://www.forbes.com/sites/kellyphillipserb/2017/12/20/what-your-itemized-deductions-on-schedule-a-will-look-like-after-tax-reform/#30e257006334

You may also want to visit the IRS website and search itemized deductions for the most up to date information.

Happy filing!