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Important Tax Information Greetings! The New Tax Law will decrease taxes for most taxpayers.... However, there is some "fine print" in the New Tax Law, that actually takes away deductions and tax credits that you may be expecting to receive for this year. In some cases, there are things we can do to prevent the loss of your tax benefits. I am reaching out to you today to communicate information about these disappearing tax breaks, here are a few: No more write-off for employee business expenses. If you are an employee who pays for tools, mileage, cell phone, or other work-related expenses, you lose those deductions for 2018. New 20% deduction disallowed for certain service-based business activities. The new and highly beneficial 20% Qualified Business Income Deduction may be disallowed for certain service-based businesses, if and when your taxable income exceeds certain limitations ($157,500 non-married taxpayer, $315,000 for Married Filing Jointly taxpayers). No Social Security Number, no Child Tax Credit. The Child Tax Credit has been doubled to $2,000 per child. Unlike in past years, a child with an Individual Taxpayer Identification Number (ITIN) will not qualify for the credit. Can't claim dependents in other countries. Starting in 2018, the ability for taxpayers to claim dependents in other countries has been curtailed. State and local income tax deduction severely limited. IRS now limits the amount of deduction taxpayers can claim for state, local, and real estate taxes paid. We do, in some cases, have strategies available to avoid or at least minimize the loss of these tax benefits. If you notice a change above that affects you, please feel free to contact us for customized advice.