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Non-Deductible Expenses Under the Current Tax Law

Posted by Admin Posted on Dec 13 2019

Non-Deductible Expenses Under the Current Tax Law – just a reminder that many formerly deductible expenses are no longer tax deductible under the current tax law, including “entertainment”, “employment” and “investment” type expenses.   So, if you own a business you can no longer take a deduction for costs that are considered “entertainment” in nature, even if they were incurred to maintain or build your business.  Additionally, if you are still able to itemize your individual income tax deductions, given the new higher standard deduction on your personal income tax return, you can no longer take a tax deduction for employment related costs, such as union dues, work related supplies or training, etc.  Furthermore, if you incur investment related expenses, such as management fees with respect to your brokerage account, or carrying costs on real estate, for example, these costs are also no longer allowed to be deducted under the new tax law.  While this list is not intended to be comprehensive, we wanted to remind you of several of the more common expenses that once were but no longer are tax deductible.  Please contact us if you have any questions, or if you want specific advice in relation to your particular circumstances.  Happy Holidays! Mike and Staff