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Tax Deductions: What’s New for 2019?

Itemized Deductions

Not much has changed regarding Itemized Deductions since the new tax law passed in 2017.  Here is a refresher on what changed for itemized deductions as a result of the new law:

Because the standard deduction was nearly doubled by the new law, many taxpayers will opt not to itemize.

Finally, note a potential silver lining: You may be able to deduct more of your total itemized deductions if your itemized deductions were limited in the past due to the amount of your adjusted gross income. The old rule that limited the total itemized deductions for certain higher-income individuals has been suspended.

Above the Line Deductions

Above the line deductions are those that are taken before Adjusted Gross Income is calculated, unlike Itemized Deductions.  Above the Line Deductions have not changed much since the passage of the new tax law either.  Below are two changes from the new tax law that may affect you.

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