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 volume.
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.