The new tax reform bill has been passed and it will affect most of the population when filing your 2018 taxes. Reduced tax rates, higher standard deductions, and higher child tax credits for families are just a few of the perks that individual taxpayers will see next year.
However to pay for these tax breaks, lawmakers took away many deductions that millions of taxpayers had used every year to reduce their tax bills. The nine deductions discussed are just some of the popular provisions that will disappear, and taxpayers will have to look closely at their own personal situations to see whether other, less common deductions are also going away.