Designed as a tax break for small business owners, the Tax Cuts and Jobs Act includes a 20% deduction for "pass-through" income. This includes income you receive from a sole proprietorship or other pass-through entities such as partnerships, LLCs, and...

While the Republican administration and Congress have thus far been unsuccessful in repealing the Affordable Care Act, the Tax Cuts and Jobs Act did eliminate the individual mandate -- aka the "Obamacare penalty." This is the penalty you pay for not having health...

The biggest tax deduction by dollar amount that Americans have taken advantage of in recent years is the deduction for state and local taxes -- also known as the SALT (State and Local Taxes) deduction. Specifically, Americans have been able to deduct the following:...

The charitable contributions deduction is another wildly popular tax break and was never really on the chopping block. In fact, highly charitable taxpayers can now deduct donations of as much as 60% of their AGI -- a boost from the previous 50% maximum. One...

The deduction for mortgage interest is one of the most popular U.S. tax breaks. In fact, tax benefits like these are often a primary reason Americans decide to buy a home. Fortunately for many homeowners, the mortgage interest deduction survived the tax...

The Tax Cuts and Jobs Act lowered the threshold for medical expense deductions to 7.5% of AGI from the prior threshold of 10%. In other words, a taxpayer with an AGI of $100,000 can now deduct medical expenses exceeding $7,500. The IRS has a long list...

The two main college savings accounts, 529 savings plans and Coverdell Education Savings Accounts, or ESAs, both remain in the revised tax code. These accounts provide a tax-advantaged way for parents and other relatives to save and invest money for educational...

The two popular tax credits for college expenses, the American Opportunity Credit and the Lifetime Learning Credit, both survived tax reform unscathed. These are designed to lower the tax bills of people who paid college tuition. The American Opportunity...

Although families with several children may feel the sting from the repeal of the personal exemption, there's some good news. Not only has the Child Tax Credit been increased, but more of the credit now is refundable and the income limitations are far less...

To be perfectly clear, although the standard deduction has roughly doubled, it doesn't mean that people are getting double the tax break -- far from it, actually. While the standard deduction has increased, the valuable personal exemption has gone away. The...