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New GOP tax plan could mean a messy year for IRS — here’s your guide to axed deductions




Senate Majority Leader Senator Mitch McConnell (R-KY) and other Republicans speak to the press after the Senate passed tax reform legislation on Capitol Hill December 19, 2017 in Washington, DC.
Senate Majority Leader Senator Mitch McConnell (R-KY) and other Republicans speak to the press after the Senate passed tax reform legislation on Capitol Hill December 19, 2017 in Washington, DC.
BRENDAN SMIALOWSKI/AFP/Getty Images

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President Trump is expected to sign into law the country’s first major tax overhaul in decades.

The House approved final revisions to the bill after the Senate voted 51-48 on its version early Wednesday morning. The overhaul includes a permanent tax cut for corporations, from 35 percent to 21 percent, and is also expected to lower individual tax rates for the short term.

But a majority of deductions favored by Californians are getting the ax. For starters, a $10,000 deduction cap on state, local, income and property taxes, a drop in mortgage interest deduction on loans, even alimony payments and public transit incentives will be affected.

Larry Mantle speaks with two tax experts on what this could mean for your wallet and how taxpayers might need to change their approach to filings in 2019. Call in with your questions at 866-893-5722.

Guests:

Michael Di Pietro, a certified public accountant based in Pasadena

David Rae, a certified financial planner and president of DRM wealth management