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TAX TIP: Record Keeping for State Taxes

January 11, 2019 | Articles

When Congress passed the Tax Cuts and Jobs Act back in December, the standard deduction doubled and as a result, a number of taxpayers will no longer claim Schedule A Itemized Deductions.  That however, doesn’t mean that you should just stop keeping track of these types of expenses.

New Jersey residences – remember that you receive a state income tax deduction for real estate taxes paid on your personal residence.  In addition, you can also claim a deduction for your medical expenses in excess of 2% of your income.

Pennsylvania Residents – you can still deduct union dues and unreimbursed employee business expense on your State and Local tax return.

For more tax-related resources, visit valleynationalgroup.com/tax