The new law follows the same rule as 2004 as to the basic standard deduction
for joint returns: twice the basic standard deduction
for single returns, effective for 2005-08.
[sections] 1.861-8(e)(9)(iv), which has been in effect since 1977, provides that the deduction
for charitable contributions allowed by section 170 will "generally" be considered as not definitely related to any gross income.
For example, if you're itemizing deductions
, double-check your medical expense total for often overlooked items such as prescription medicines, mileage to doctor's appointments, eyeglasses and health insurance premiums.
Contributions to donor-advised funds and supporting organizations don't qualify A deduction
for qualified contributions is allowed up to the amount by which the taxpayer's contribution base (AGI) exceeds the deduction
for other charitable contributions.
Most people have used the standard deduction
and that probably will continue to be true, even more so for 2018 returns.
Essentially, the legal fees and costs are afforded an above-the-line deduction
Old Law: No special deduction
limitations applied for contributions of clothing and household items.
(3) These regulations clarify a number of issues raised in the January notice and provide detailed guidance on the section 199 deduction
, including more examples to illustrate the application of certain rules.
Certain types of equipment, purchased after May 5 qualify for bonus depreciation of 50% the value in addition to normal depreciation deductions
, According to Largie, employing this end of-year strategy makes for significant tax savings, Dr.
In addition to experiencing fewer increases in deductions
, companies who use cross-functional teams are more likely to actively take steps to deal with any increase in deduction
Neuschler notes that most home owners paying for a mortgage already itemize their deductions
, but rarely find it worthwhile to take advantage of deductions
for medical expenses.
Skim the alphabetical list of deductions
, and spot the ones that may apply to you.