The introduction of the Tax Cuts and Jobs Act at the end of last year represents major changes to the tax code, but its impact won’t be felt on your tax return until next year. That’s why as you get ready to file your freelance taxes this year, it’s smart to focus on taking full advantage of the tax deductions and exemptions that will disappear or change after your 2017 tax return is filed. Here are some of the key deductions that you should grab before they are gone:
These are just some of the miscellaneous deductions that are being eliminated. Consider talking to a tax professional to see if there are others that you may qualify for. To be deductible, the total amount of these miscellaneous expenses must exceed 2 percent of your adjusted gross income.
As you can see, there are quite a few deductions and exemptions that are being eliminated or modified starting in the current year. As such, spending a little extra time to see if you qualify for them will pay off when you file your return. Plus, no matter what year you are filing your taxes in, it’s always a good idea to double check with a tax professional to make sure you aren’t overlooking any measures that can help lower your tax obligation and boost any potential refund you may receive.
Jonathan Medows is a certified public accountant licensed in New York, New Jersey, Maryland, and Pennsylvania. He is also a recognized expert in taxation for freelancers and the self-employed—often tapped for his expert knowledge and perspective on self-employment taxation by national and regional publications such as The New York Post, BusinessWeek, Forbes taxation blog, WebCPA, CPA Practice Advisor, and others. You can read some of Jonathan’s press coverage here.
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