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3 Tax Deductions That Could Save You Thousands in 2020

Source: https://fool.com/taxes/2020/01/26/3-tax-deductions-that-could-save-you-thousands-in.aspx - Jan 29, 2020

The Tax Cuts and Jobs Act was the most sweeping overhaul to the United States tax code in three decades. In addition to lowering the tax bills for the majority of Americans, the tax reform bill also simplified the tax code tremendously.

One of the ways the tax code has been simplified is that there are fewer available deductions. For example, the once-valuable personal exemption doesn't exist anymore, and employees can't deduct job-related expenses. Instead, the standard deduction has become much larger, making itemized deductions a moot point for many Americans.

Having said that, there are still some very lucrative tax deductions you might be able to take advantage of, and here are three of the most valuable.

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Category: General Business