Article Posted on 10/12/2018
MISCELLANEOUS ITEMIZED DEDUCTIONS ARE A GONER
If you itemized your deductions in the past there was a section called “Miscellaneous Itemized Deductions” that you could take advantage of (See sample below). You could only deduct the amount greater than Adjusted Gross Income but at the same time the deductions could make a difference.
Bad news. The new tax law deleted miscellaneous itemized deductions.
This lost area included “employee business expenses.” If you have sizable employee business expenses this change could really increase your tax liability. We have been working with our clients that have employee business expenses to restructure to their situation to reincarnate the deduction.