US Tax Professionals in Vancouver publish 4 reforms that will impact US taxpayers
North Vancouver, BC -- (ReleaseWire) -- 03/22/2019 --2018 tax reform in the US eliminated a number of deductions that many US taxpayers counted on to reduce taxable income, warns a blog published by US Tax Professionals in Vancouver.
Today, it's more important than ever to work with a knowledgeable US tax accountant who can help people working and living cross-border to maximize savings by taking advantage of initiatives offered by the IRS. For more, go to: https://us-taxprofessionals.com/newsletter.php#1
The articles published on the newsletter page of https://us-taxprofessionals.com touches on 4 deductions that will affect Americans as well as Canadians living or doing business over the border. Four areas broadly impacted by the 2018 budget include Personal Exemptions, Tax Preparation Fees, Unreimbursed Job Expenses, and Moving Expenses.
As the article points out, "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 supplies."
It's vitally important for anyone paying taxes to the IRS to understand how tax reform could impact their particular situation and how to maximize existing tax benefits and allowances.
To learn more about working with a US Tax accountant in Vancouver, or any other cross-border tax-related matter, contact US Tax Professionals at (604) 281-3318.
About US Tax Professionals
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/