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Personal Casualty Deduction

If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Casualties, Casualty Losses on Property, Insurance, Natural Disaster, One, Big, Beautiful Bill Act, Personal Property loses /

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction. […]

If you suffered a disaster, you may be eligible for a casualty loss tax deduction Read More »

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

2018 Tax Return, Business Income Tax, Deductable Expenses, Deductions, Income Tax, Individual Income Tax, Small Business, State Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction /

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return Read More »