You can only claim a casualty loss tax deduction in certain situations

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You can only claim a casualty loss tax deduction in certain situations

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August 31, 2021 , , ,

casualty loss tax deduction

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these deductions harder to take.

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Tax credits may help with the high cost of raising children

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February 25, 2020 , , ,

child tax credit

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.

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3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

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February 12, 2019 , , , , ,

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree to which these changes will affect you depends on whether you have dependents and, if so, how many. It also depends on whether you typically itemize deductions.
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Investment Interest Expense is Still Deductible, But That Doesn’t Necessarily Mean You’ll Benefit

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January 31, 2019 , , , ,

investment interest expense

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you have investment interest expense, you can’t count on benefiting from the deduction.
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2 Major Tax Law Changes for Individuals in 2019

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January 8, 2019 , , ,
2019 tax law change

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

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