4 Tax Deductions
Disappeared in 2018
Tax reform eliminated a number
of deductions that many taxpayers counted on to reduce their
taxable income. Here are four that could affect you.
Personal exemptions enabled individual taxpayers to reduce
their taxable income in addition to the standard deduction,
but were repealed for tax years 2018 through 2025. While the
standard deduction did increase significantly under tax reform
to compensate - $12,000 for individuals, $24,000 for married
taxpayers filing jointly, $18,000 for heads of household -
some taxpayers could still lose out.
Tax Preparation Fees
Tax preparation fees, which fell under miscellaneous fees on
Schedule A of Form 1040 (and were also subject to the 2%
floor), were also eliminated for tax years 2018 through 2025
as well. Examples of tax preparation fees include payments to
accountants, tax prep firms, and the cost of tax preparation
Unreimbursed Job Expenses
For tax years starting in 2018 and expiring at the end of
2025, miscellaneous unreimbursed job-related expenses that
exceed 2% of adjusted gross income (AGI) are no longer
deductible on Schedule A (Form 1040). Unreimbursed job-related
expenses include union dues, continuing education,
employer-required medical tests, regulatory and license fees
(provided the employee was not reimbursed), and out-of-pocket
expenses paid by an employee for uniforms, tools, and
Prior to tax reform (i.e., for tax years starting before
January 1, 2018), taxpayers were able to deduct expenses
related to moving for a job as long as the move met certain
IRS criteria. However, for tax years 2018 through 2025, moving
expenses are no longer deductible--unless you are a member of
the Armed Forces on active duty who moves because of a
If you have any questions about tax reform and how it affects
your particular tax situation, don't hesitate to call.
If you have any questions about individual and business
tax deductions or changes, please contact the office for assistance
with following these and other 2018 or 2019 tax planning
strategies that might be suitable for your particular
SMEED CPA Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or check us out at our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,