Prepare to be disappointed. Here are 6 tax breaks you'll miss on your 2018 return.
If you were planning on taking a tax break for those unreimbursed expenses at work or the fees you pay your tax preparer, prepare to be disappointed. That's because the Tax Cuts and Jobs Act, the new tax legislation that went into effect last year, curbed itemized deductions.
Under the old tax code, you were able to claim an itemized deduction for property losses that aren't reimbursed by insurance and that occur unexpectedly. This would include damage from fire, accidents, theft and vandalism, as well as natural disasters. Kiss those breaks goodbye — at least to a certain extent. The new tax code places a $10,000 cap on SALT deductions, which could dent returns for people living in high-tax areas. In 2015, the average SALT deduction for New Yorkers who claimed the tax break was more than $22,000, according to the Tax Policy Center.
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