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If You Itemize Your Deductions, It's Time For A Checkup On Your Taxes

Source: https://forbes.com/sites/kellyphillipserb/2018/05/18/if-you-itemize-your-deductions-its-time-for-a-checkup-on-your-taxes/#536799b87ed7 - May 18, 2018

Did you itemize your deductions on a Schedule A last year? If so, the Internal Revenue Service (IRS) encourages you to do a quick checkup on your taxes. By plugging your current tax data into the withholding calculator on the IRS website, you can do a "paycheck checkup" and avoid any nasty surprises at year end.

Why the need for the checkup? There have been many changes as a result of tax reform. The Tax Cuts and Jobs Act, which was signed into law in 2017, mostly took effect for individual taxpayers beginning in the 2018 tax year. Significant changes to itemized deductions could affect your tax bill. Those changes include new tax rates, limits on the deductions for state and local taxes (SALT taxes), a cap on the amount that you can borrow for purposes of the home mortgage interest (you can find additional information about re-fis here), and exclusions for certain kinds of job-related expenses (like the home office deduction - more here).

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Category: General Business