Most of our clients have taken advantage of miscellaneous itemized deductions in the past. The new tax law has made some monumental changes to the section of Schedule A that contained those deductions in the past. Please make note of these changes as you gather your tax information for 2018 tax return preparation.
The following deductions previously reported in the Miscellaneous Itemized Deduction section of Schedule A are now disallowed effective after December 31, 2017 and through 2025:
If you’re unsure of whether you deducted these items in the past, you can look at the bottom of your prior year Schedule A in the Miscellaneous section to look for the deductible amount. These deductions had to exceed 2% of your Adjusted Gross Income (AGI).
Please keep this new law in mind as you gather your tax return information for 2018. If you have questions for us, please let us know.
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