How Tax Reform Impacts Your 2017 Tax Returns

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Louri Rivero Borr, Rivero CPA, LLC
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The majority of the 2017 tax reform is effective after 2017. I’d like to explain important notes that will impact your 2017 tax returns.

Medical Expenses

Add up those medical expenses! Currently if you itemize your deductions, you can deduct qualifying medical expenses which exceed 10 percent of your adjusted gross income.

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Under the new bill the medical deduction stays in place with a lower floor of 7.5 percent. A simple example — if you make $45,000 you may now deduct any medical expenses over $3,375 if you itemize your deductions.

 

Obamacare isn’t going away, yet

Under Obamacare, consumers must buy insurance or pay a penalty unless they qualify for a limited number of exemptions. Although the clause in ACA that financially penalized taxpayers if they did not sign up for health insurance is eliminated, the individual mandate doesn’t end until 2019.  

Bottom line: Don’t cancel your health insurance — there are still penalties.

 

Miscellaneous Itemized Deduction, Charity and State and Local Income or Sales Tax Deduction

The Act reduces the deductibility of certain of these expenses in 2018.  Please make sure that you provide us with a good accounting of these expenses and payments made in 2017.  This should include any estimated tax payments, investment and attorney fees/accounting fees, real estate taxes and unreimbursed employee expenses as well as cash and non-cash charity deductions.

We will highlight 2018 changes in the next article.

 

Louri Rivero Borr is a CPA licensed in both NJ and NY, with over 25 years of experience. The firm can provide you with unparalleled accounting services, provide tax services and advice, and perform audits, reviews or compilations.

Our clients, businesses and individuals, can expect us to cater to their unique needs. As member of QuickBooks Professional Adviser program, we can help you with your accounting software needs. You will receive personal attention and expert service from start to finish. Our mission is to focus on your current needs and future requirements.

Call 908-935-0181 for an appointment. Visit our website at www.riverocpa.com.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

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