If you’ve filed your taxes before, or if you’re a business owner ,you certainly love all those tax deductions. Why? They help reduce your taxable income and can potentially bump into a lower tax bracket on occasion. BUT…some of those tax deductions we used to love are now gone – they flew out the window on January 1, and who knows if there ever coming back.
On This Podcast Episode:
- Get an understanding of why tax deductions are so popular
- I’ll discuss what homeowners and future homeowners need to know
- We loved personal exemptions, why did they go away
- Learn what job related deductions have gone away
- If you pay or receive alimony payments it’s all changed (FYI – For spouses who divorce before 2019, these rules will not affect them, but spouses who divorce after Jan. 1, 2019, the new rules will apply. For divorces that happen before Dec. 31, 2018, spouses who receive alimony payments will need to pay taxes on it and spouses who pay alimony will be able to deduct it.)
Thanks for Tuning In:
Thanks for tuning in to listen to this episode of Millennial Money. Every listen means so much to us. If you’ve enjoyed this episode, please share it on social media using the hashtag #millennialmoneypodcast.
Also, please leave an honest review for Millennial Money on iTunes! Ratings and reviews are extremely helpful and much appreciated! You’re awesome!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) and financial strategies may be appropriate for you, consult your financial adviser prior to investing. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.
Shannah Compton Game is a Money Wellness expert, host of the to-rated Millennial Money podcast, and CERTIFIED FINANCIAL PLANNER with an MBA. Millennial Money has over 15 million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.