Before you hand in your tax return to the IRS, be sure to go over your receipts: You could miss out on key tax deductions and credits that are about to go extinct.
Tax Cuts and Jobs Act went into effect at the beginning of this year and overhauled the tax code, doubling the standard deduction and doing away with personal exemptions.
This means that the 2017 tax year is the last time you’ll be filing under the old code and it’s the last call for certain tax breaks.
Though a number of deductions are scheduled to return at the end of 2025, it will be up to Congress to determine whether these provisions are extended.
“There are overlooked deductions that are going away, including unreimbursed employee expenses and job-search expenses,” said Lisa Greene-Lewis, a CPA with TurboTax.
“With the standard deduction doubling, some people will not be itemizing [in 2018],” said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting.
Further, Congress recently extended for 2017 a package of tax breaks that would have otherwise expired in 2016.
Here are the key tax deductions and credits you should grab while you still can.