Fewer people itemized deductions when they filed their taxes in 2018, which meant they left a number of write-offs on the table last year. Here are four deductions that taxpayers didn't take.
During the 2018 tax year, 16.7 million households took itemized deductions on their tax returns. That’s down from 46.2 million taxpayers during the 2017 tax year.
Popular deductions no longer available to many taxpayers include write-offs for state and local tax deductions and charitable giving.Millions of taxpayers missed out on a pile of tax write-offs when they filed their returns last year. The decline is the result of the Tax Cuts and Jobs Act, the overhaul of the tax code that went into effect in 2018.
While standard deductions reduce filers' taxable income by a flat amount, itemized deductions allow you to lower taxable income based on the sum of different expenses you incurred – including charitable giving, state and local taxes, and casualty losses.
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