It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style.
If you’re wondering whether you can claim house office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.Fun fact: There is no Schedule X for individuals for federal income tax purposes. The form 1040 has six new numbered schedules and twelve returning lettered schedules.
Taxpayers can get used to the idea that values on schedules transfer exactly from federal to state on the same schedules, but that’s not always the case. Notwithstanding that the rules can be different, the schedules may be, too. For example, in Pennsylvania, you report dividends on Schedule B for state purposes, just like on the federal return. And you report your business income on Schedule C for state purposes, just like on the federal return.
The bottom line? Pay attention to your returns, even if you are self-self-preparing with tax software. Double-check the interplay of your state and federal tax returns and make sure that you are reporting correctly on both.
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