New blog post from US tax accountant in Vancouver cautions cross-border taxpayers about five deductions that have disappeared under tax reform
North Vancouver, BC -- (ReleaseWire) -- 07/20/2018 --As a Canadian-based US tax accountant who works with ex-pats on both sides of the border, Mark Schiffer and his team at US Tax Professionals have published a blog that cautions taxpayers of 5 deductions that no longer exist. For more, go to: https://www.us-taxprofessionals.com/newsletter.php#1
As an experience US tax accountant, Mark and his team work within tax legislation to help people grow their savings and minimize tax burdens. His latest article details five types of deductions they may have previously counted on to reduce their taxable income that have disappeared in 2018. These include
1) Moving Expenses
2) Unreimbursed Job Expenses
3) Tax Preparation Fees
4) Personal Exemptions and
5) Subsidized Parking and Transit Reimbursements for Employees
For example, "repealed for tax years 2018 through 2025, the personal exemption enabled individual taxpayers to reduce taxable income ($4,050 in 2017). Each household dependent was able to take the deduction as well. While the standard deduction did increase significantly ($12,000 for individuals, $24,000 for married taxpayers filing jointly, $18,000 for heads of household) to compensate, some taxpayers may still lose out."
It's imperative to understand the changes introduced by tax reform in order to maximize tax savings while staying compliant with all requirements put on taxpayers by the IRS and Canadian Revenue Agency.
As a firm of US Tax Professionals, Mark Schiffer and his team can answer any questions and suggest how to maximize the benefits of tax reform. For more information, call (604) 281-3318.
About the Company
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.
US Tax Professionals
Company Website: https://www.us-taxprofessionals.com/