TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading
I’m Working Locums, What Tax Deductions Can I Take?
Whether you’ve just graduated residency and are starting out as a locums attending or you’re already an established attending who has decided that working locums on the side would add some variety and boost your savings, you may be asking yourself how this new income will impact your taxes. Continue reading