Taxes

Are Financial Advisory Fees Tax Deductible?

by Brandon Miller on Jun 11, 2018

Financial Planning, Taxes, Education

Before 2018, you could partly or fully deduct investment advisory fees on your federal income tax return. When the Tax Cuts and Jobs Act was passed, however, the miscellaneous itemized deduction for investment fees and expenses vanished.1
  
This deduction seldom mattered for taxpayers in the highest brackets, as they could only deduct miscellaneous items on Schedule A once those expenses exceeded 2% of their adjusted gross incomes. Other investors took advantage of it; some, frequently.1

Tax Deductions Gone in 2018

by Brandon Miller on Jan 23, 2018

Financial Planning, Taxes, Education

Are the days of itemizing over? Not quite, but now that H.R. 1 (popularly called the Tax Cuts & Jobs Act) is the law, all kinds of itemized federal tax deductions have vanished.
   
Early drafts of H.R. 1 left only two itemized deductions in the Internal Revenue Code – one for home loan interest, the other for charitable donations. The final bill left many more standing, but plenty of others fell. Here is a partial list of the itemized deductions unavailable this year.1
  

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