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March 06, 2019 | Posted in:

Tax Deductions: The New Rules [INFOGRAPHIC]

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Type of Taxes:
IndividualBusinessBoth

For years, tax filers have valued a long list of itemized deductions which reduced their taxable income. Much of that is history now that the Tax Cuts and Jobs Act is in effect.

There remain only six basic categories that are still deductible, and even those have some new limits.

How to determine whether to still itemize or to take the new standard deduction of $12,000 for individuals or $24,000 for married couples filing jointly?

Tax Reform:

What’s Still Deductible? What Can I No Longer Deduct on My Return?

The graphic below summarizes what’s still deductible, what’s been changed and the deductions that have been totally eliminated through 2025.

Deductible Vs Not Deductible

Tax Reform Changes in your 2018 Return: What’s Still Deductible vs. What’s No Longer Deductible?

 

Tax Reform Resource Center

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