Do you know what rules are being updated for deductible expenses as a result of the Tax Cuts and Jobs Act? The IRS is offering a handful of updated rules to those that were originally not fully understood. A few to hit on include:
- Using Optional Standard Mileage Rates
- Charitable
- Medical
- Moving Expenses
In addition, TCJA suspended the miscellaneous itemized deduction for most employees with unreimbursed business expenses and the deduction for moving expenses. TCJA has also amended prior rules to disallow a deduction on entertainment, amusement or recreation paid for or incurred after Dec. 31, 2017.
This is just a SHORT overview. Please read our latest newsletter article for further information, visit the IRS or contact us and we will connect you with one of our professionals to discuss.