Welcome to the first year of “tax reform” from the Tax Cuts and Jobs Act of 2017. We talked about a lot of changes made by this new law last year, but now we’re into actually reporting income and deductions under this new law. Some things changed, some things didn’t…so I thought I would let you know if “it’s still deductible”.
There is no doubt that taxes can be complicated: knowing the ins and outs from year to year is challenging in its own right, and you must also factor in changes to tax laws. If you don’t know the rules — and how they apply to your situation — you may encounter some unpleasant surprises on your returns, as well as down the road. With some simple planning, though, you can avoid common pitfalls. Here are five big mistakes to avoid: