The Do's and Don'ts of Itemized Deductions

Itemized deduction rules...

Where in the world is that receipt the accountant needs?

About 30 percent of all households itemize their taxes, but that percentage could soon drop dramatically, Tobie Sanger reports on consumerreports.org.

The new Tax Cuts and Jobs Act, passed last year, made itemizing less beneficial for millions of Americans: It doubles the standard deduction and eliminates write-offs for numerous expenses, Stanger wrote.

As a result, around only 11 percent of taxpayers are expected to itemize their federal returns next tax season.

But for this tax season, you can still write off a cornucopia of items, from gambling losses to unreimbursed employee expenses, Stanger added. 

For the rules on some common itemized deductions: https://www.consumerreports.org/taxes/the-dos-and-donts-of-itemized-deductions/

Photo: Buzzfeed.

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