With
the recent tax reform, many people are unsure what to expect when it comes to
tax breaks. Some are concerned that there are no tax breaks left, but that’s
certainly not the case.
Sure,
some tax breaks may not be available any longer, but there are still a great
many tax breaks available. In fact, here are a few that you should know about.
SALT
Many
people are not familiar with the State and Local Tax deduction, or SALT as it
is commonly known.
However,
this useful deduction allows people in some states to deduct their state income
and property taxes.
While
the deduction isn’t for quite as much as it once was, it is still around and
still applicable in some states, including California, New York, and New Jersey
among others.
Medical
Expenses
Everyone
knows that healthcare is expensive. What you might not know, however, is that
if your healthcare costs are more than 7.5% of your adjusted gross income, you
qualify for a sizeable deduction.
If
you’re unsure if you qualify or just need some help running the figures, speak
with a tax professional in your area.
Mortgage
Interest
Many
people are under the impression that the mortgage interest deduction has been
eliminated. Thankfully, that is not the case.
However,
the deduction has been changed somewhat. You can’t deduct quite as much
anymore, but you can still deduct the interest on a new home loan up to
$750,000.
As
you can see, deductions do still exist even if they’re a little bit different
than they used to be.
To
find out more about these deductions or to learn about other deductions for
which you may qualify, contact a tax professional.
