Watch Out for These Surprises Hidden in the New Tax Law
You may have gotten a tax cut, but what did you lose?
As the 2018 campaign season heats up, be prepared for plenty of debate about the big changes in U.S. taxes that were signed into law by President Donald Trump late last year.
While corporations and most people got tax cuts, the law also ended or scaled back familiar tax breaks and made other revisions to the tax code that caught many people off guard.
How does it affect you? Here are 16 surprising ways the law has shaken up taxes.
1. No more deducting moving expenses
It used to be that if you moved at least 50 miles to take a new job or start a new business, you could deduct your moving costs — even if you didn't itemize deductions.
Those expenses can be steep, averaging about $4,300 for an out-of-state move, according to the American Moving and Storage Association.
But the tax law doesn't allow Americans to write off moving expenses. The change is scheduled to remain in place until at least 2025.