If you’re slightly confused regarding how the Tax Cuts and Jobs Act affects your personal tax strategy, you’re not alone. One of the primary causes for confusion is the disconnect between lawmakers and the IRS. Even though the new law drastically changes tax law, it has left the IRS scrambling to confirm the rules within its own set of guidelines. This confusion has left tax planning professionals, CPAs, and everyday Americans awaiting IRS approval of numerous tax deductions. One recent example approved by the IRS gives homeowners the ability to write off the interest paid on home equity loans. But, the home equity tax loophole does have a few caveats.
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