Anil Vazirani reports that some filers may receive a tax break, but some taxpayers may see their refunds reduced due to new deduction rules.
The good news is the standard deduction has increased, but personal exemptions have decreased for dependent children claimed.
State and local tax deductions have been capped and are no longer unlimited, a restriction lowered the amount of mortgage interest one can claim, as well as for home equity loan interest, unreimbursed employee expenses have been eliminated, as well as miscellaneous itemized deductions, and moving expenses for job relocation.
Only those in presidentially designated disaster zones can deduct casulaty losses, alimony is no longer deductible as it is no longer taxable to the recipient, and deductions have been disappeared for certain school donations, as well as deductions from tax extenders.
Read more: https://money.usnews.com/money/personal-finance/taxes/articles/tax-deductions-that-disappeared-this-year
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