As you’ve no doubt heard, the U.S. tax code got an overhaul – so, what does that mean for the 2017 return you’re filing right about now? It means that this is your last chance to take advantage of tax deductions from the old tax code. Yikes!
So, if you aren’t sure if you’ve milked every last drop of tax break goodness out of your returns, it’s time to squeeze, hard. To help you out, here’s a rundown of four major tax breaks that are disappearing after this filing year, and how to take full advantage of them…..
- Home office – If you’re full time self employed this deduction will continue in 2018. But for all you office workers who work in your “home office” on the occasional Friday? The gig is up….in 2018, for non self-employed people, the home office deduction is going away entirely.
- Unlimited property tax – One of the biggest changes for homeowners in the new tax bill is the cap on deducting property taxes.
- Moving expense – Beginning 2018, the only people that can deduct all the expenses associated with a relocation move, are members of the armed forces.
- Interest on a home equity loan for non-home improvement purposes – starting 2018, home equity loan interest is deductible only if it’s used for one purpose: to “buy, build, or improve” your home.
You will want to run a tax projection and see what the impact of the new tax law is. This will give you plenty of time so you’re sitting pretty once you file next year.