Tag: individual

  • Deduction of Vehicle Expenses for Individual Taxpayers

    Deduction of Vehicle Expenses for Individual Taxpayers

    It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through…

  • Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of…