Don't miss out on these tax deductions while you can still claim them

Ann Brenoff
Updated

Live it up on the tax deductions you claim when you file your federal income taxes this year, because you may not be able to claim many of them for 2018.

The tax reform bill signed into law by President Donald Trump in December eliminates some deductions, replacing them with higher standard deductions. The 2017 standard deduction for single filers is $6,350, but it’ll be increased to $12,000 in 2018. The standard deduction for married couples filing jointly will rise from $12,700 to $24,000.

The expectation is that next year this will encourage more taxpayers to take their new standard deductions and simplify the tax-filing procedure ― the infamous “file your taxes on a postcard” idea. Even the deductions that survived Trump’s bill will be claimed less often since people will have to reach a higher threshold to itemize at all.

Here are a few things you may not realize you still can deduct for 2017:

  • This article originally appeared on HuffPost.

Advertisement