4 Tax Breaks That Are Slated to Disappear (So Grab Them Now!)
With Republicans' tax reform plan finally starting to take shape, it's a good idea to look into how your favorite tax breaks could change. While there are likely to be substantial changes to the tax reform plan before it potentially becomes law, it seems clear that many of today's itemized deductions will no longer exist. So if you qualify to take these deductions, now would be a good time to do so.
The SALT deduction is the single most popular itemized deduction in America; in 2013, nearly 43 million households claimed this particular tax break. Unfortunately, it's not on the (very short) list of itemized deductions that the GOP plans to retain in tax reform.
The state and local taxes deduction allows you to deduct either income taxes or sales taxes applied at the state and local level. In addition to one of these two options, taxpayers can deduct real estate property taxes, personal taxes (such as the excise tax many areas charge on automobile registration renewals), and pretty much any other non-federal taxes.
Source: Fool.com
