Believe it or not, we’re well into tax season again — and with the passing of the Tax Cuts & Jobs Act, some of the deductions you were able to claim last year have been eliminated. But don’t worry, there are still plenty of deductions and credits you can claim to maximize your tax refund (which is the silver lining to having to file your taxes)!
To make it easier for you to understand what deductions went away — and which invaluable deductions and credits you can still claim — here’s this incredibly easy to understand infographic put together by Lisa Greene-Lewis, CPA and tax expert at TurboTax.
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- The Child Tax Credit increased to $2,000 per qualifying child. Up to $1,400 of that is refundable for each qualifying child, according to the IRS. More good news: More people with children under 17 will qualify for this credit this year because the phase out income has been increased to $200,000 for single filers, and $400,000 for married filing jointly.
- The student loan interest deduction is still intact. No changes have been made to this deduction, so you can deduct up to $2,500 paid in student loan interest in 2018. There are income limits to this deduction, so double check that you qualify using the IRS’ Interactive Tax Assistant tool.
- Moving expenses are still deductible for active military members. Moving expenses for anyone relocating for a new job were tax deductible in previous tax years, but this deduction has been eliminated by the tax reform. However, it still stands for active duty military.
Learn More: Tax-Filing Mistakes First-Timers Always Make
Greene-Lewis gives us so much more learn about this year’s tax rules below.
There’ve been a lot of changes when it comes to my taxes this year and it’s so handy to have my biggest questions answered in one place. But if you are craving more details, here is how all the new laws will affect your taxes.
More on Taxes
- 18 Medical Expenses You Can Deduct From Your Taxes
- 10 Tax Loopholes That Could Save You Thousands
- Types of Taxes and Why You Have to Pay Them
- Watch: How to Legally Cheat Your Tax Bracket
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Gabrielle Olya contributed to the reporting for this article.