Tax

The clock is ticking on these last-minute tax breaks for 2019

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The year is ending but, with a little ambition, you can still find some opportunities to cut your 2019 tax bill.

The Tax Cuts and Jobs Act, which went into effect in 2018, did away with several breaks filers could take prior to the end of the year.

Miscellaneous itemized deductions — a grab-bag of breaks that includes the fees you’re paying tax preparer and your unreimbursed employee expenses— have been off the table since 2018.
Since the law roughly doubled the standard deduction ($12,200 for singles and $24,400 for married-filing jointly in 2019), other itemized deductions are out of reach for many filers.

Other write-offs have been limited as well: Consider there’s now a $10,000 cap on state and local tax deductions.

“Something to keep in mind is that we’re now in year two of tax reform and most of us are aware of how it affected us individually,” said Nathan Rigney, lead tax research analyst at H&R Block’s Tax Institute.

“We discovered we’re no longer itemizing,” he said.

Here are the tax breaks you can still nab as the year ticks down…Read more>>

Source:-cnbc