How much do you know about the things you can deduct from your taxes?
If you want to pay less for your taxes, you can take all the deductions you’re eligible for. This will either increase your refund or reduce your tax liability. That’s really good news if you want to keep as much of your hard-earned money as you can, but there’s a downside to it as well.
There are quite a few restrictions on what you are able to deduct. The Tax Cuts and Jobs Act of 2017 caused a major change in the United States tax structure. This new rule will affect all income tax returns filed between 2018 and 2025, which is when each part of the Act is set to end.
We wanted to give you all the info you need, so we talked to a few experts to find out more about this topic. Check out these 12 costs that you can’t write off on your taxes.