(WTNH)- With the tax laws changing, this may be the last year you itemize your return.
Financial Professional and owner of Cowen Tax Advisory Group Roger Cowen says there are plenty of deductions you can take advantage of.
Cowen says one of the most overlooked tax deductions is retirement contributions. Contributions made to your traditional IRA may be tax-deductible. IRA contributions for 2017 can be made as late as April 17, 2018.
A second overlooked tax deduction is medical and dental. Cowen says out of pocket medical expenses that exceed 7.5% of adjusted gross income can be deducted if you itemize your deductions on Schedule A. On January 1, 2019, the threshold returns to 10% of AGI.
On Good Morning Connecticut, Cowen was able to provide tips on when a person should itemize. He also was able to provide information on what the new tax laws mean for us next year.