If you were planning on taking a tax break for those unreimbursed expenses at work or the fees you pay your tax preparer, prepare to be disappointed.
That’s because the Tax Cuts and Jobs Act, the new tax legislation that went into effect last year, curbed itemized deductions.
The new tax law eliminated personal exemptions — which were once valued at $4,050 for the taxpayer, spouse and each dependent — and boosted the standard deduction to $12,000 for singles and $24,000 for married joint filers.
As a result, fewer taxpayers are expected to itemize deductions. Nearly 90 percent of filers will wind up taking the standard deduction instead, according to the Joint Committee on Taxation.
That means about 30 million fewer households will itemize deductions in 2018, compared to 2017.
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