Under the Tax and Cuts Jobs Act (TCJA), the changes to allowed itemized deductions may push many taxpayers below the new standard deduction amount that has been increased. The purpose of the tax reform was to simplify tax preparation and push more taxpayers into the standard deduction.
In this video, Scotty Sykes of Sykes & Company, P.A. explains how itemized deductions have changed and which ones are no longer available, including home office deductions, the 2% miscellaneous itemized deductions, and investment advisory fees. Find out some strategies to push yourself above the standard deduction and when taking the standard deduction is the better option. Be sure to speak with your tax advisor to plan the best option for you and your situation.
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