11 tax deductions you won’t want to forget about this year
- Tax deductions like medical expenses, mortgage interest, and, in some cases, college tuition can help reduce your overall tax bill.
- Note that these types of tax deductions apply only if you’re itemizing your taxes instead of taking the standard deduction, which increased as part of 2017 tax reform.
- If you have questions about your personal tax situation, consult a licensed tax attorney or accountant.
- This post has been reviewed for accuracy by Thomas C. Corley, CPA.
- See Business Insider’s picks for the best tax software.
You may have seen or heard people you know talking about how the new tax law made their refunds smaller than expected last year, or even increased the amount they owed to the IRS.
Several common deductions were eliminated by the Tax Cuts and Jobs Act of 2017 and other congressional actions, including moving expenses, nonreimbursed employee business expenses, theft losses, tax-preparation fees, and safe deposit boxes.
Though things have changed, here are a few deductions and credits you’ll want to remember to keep your tax bill as low as possible.
Reminder: If you have tax questions, talk to an accountant or an attorney.
1. Medical expenses
If you paid …continued .
[Source: Business Insider]