After each tax season ends, another creeps up on you.
You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you this year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.
No more personal and dependent exemptions.
The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year. Click here to deduct your personal exemptions now.
The Standard Deduction doubles.
Continue reading “10 Tax Changes for 2019!”
You can claim a tax deduction for moving expenses as long as you meet several IRS requirements
Moving is a real pain in the butt, there’s no changing that. But a nice deduction from the IRS can take the sting out of it.
That’s right, you may be able to deduct the cost of packing and shipping your stuff as well as traveling and lodging (but not meals).
In order to claim these expenses, however, you must meet several IRS requirements that ensure your move was required for business. That’s right, not every move qualifies. You can only claim the deduction if you move to start a new job or seek work in a new city, and you can only deduct expenses that were not reimbursed by your employer.
In addition, you must pass two IRS tests: the distance test and the time test. Continue reading “Can I Claim Moving Expenses on My Taxes?”