Tax deductions

Despite raised thresholds, advisors can still find big itemization opportunities if they know where to look.

Clients often underutilize deductions for work-related technology purchases and travel expenses.

Overall donations to charity organizations fell by 1.7%, while total individual giving decreased by 1.1%, the first drop since 2013.

Despite changes in the new law aimed at scrapping a penalty for most new couples, those from high-income households may owe more this year.

There are still several moves that clients can make to reduce their 2018 tax bill.

A higher standard deduction makes itemizing deductions less valuable.

Changing filing statuses and maxing out deductible contributions to IRAs and HSAs are some ways clients received bigger reimbursements.

Those who fail to repay their loans on time may face early withdrawal penalties.

Modifications should be made as soon as they determine their liability for 2018 and the impact of the new law on their returns, an expert says.

Working parents who paid for day care, summer camp or a babysitter on the books are advised to take advantage of this break.