What deductions can you claim depending on your profession, and how did tax reform affect them?
Let’s find a tax preparation office for you
The Tax Cuts and Jobs Act of 2017, also known as tax reform, eliminated the ability of workers to deduct unreimbursed job-related expenses from their Adjusted Gross Income (AGI). However, this inability to deduct necessary work expenses might be offset by taking the new, almost-doubled standard deduction.
Tax reform added a new Qualified Business Income (QBI) deduction. If you’re self-employed or a small business owner, you may be eligible for a deduction of 20% of eligible income before taxes. The deduction is available to taxpayers whose individual income falls below $157,000, or whose joint income is less than $315,000. QBI includes income from a trade or business, like rideshare driving, e-commerce or online retail, consulting, or reselling income. It does not include wages earned as an employee or business-generated capital gains, interest, and dividend income.
We’re not tax machines. We’re Tax Pros who are happy to answer all of your questions, provide you with tips, and help you get smarter about your money.
We’ve seen it all — from the simple to the complex — and we’ll get you every credit and deduction you deserve. Our returns come with our Maximum Refund and Lifetime Accuracy guarantees – we’ll get it right or we pay you.
Our Tax Pros are there to help wherever you are. We’re conveniently located and offer a confidential, secure space to discuss your taxes. We’ll even get you started in advance with document drop-off or upload.