Tag Archives | TCJA

business man in car driving

Vehicle Expense Deduction for Individuals

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through […]

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2018 Tax Deductions

2018 Individual Tax Deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five 2018 tax deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State […]

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hard hats and architect plans on a building site

Depreciation-Related Tax Breaks on Business Real Estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But there are special depreciation-related tax breaks on business real estate available that allow deductions to be taken more quickly for certain real estate investments. […]

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