The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to their YouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such as Twitter and their new Instagram account. Taxpayers can visit the Multimedia Center on IRS.gov for links to all the agency’s social media sites.

Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go.

IRS Video Portal
The IRS produces and posts videos to post on the Video Portal. These videos can help individual and business taxpayers better understand how the tax reform law affects them and their taxes.

• Tax Reform Basics for the Qualified Business Income Deduction, 199A
  This webinar provides an overview of who will be eligible for the new tax reform provisions of the Qualified Business Income Deduction under Section 199A. It also shows calculations and basics for reporting. 
  
  
• Tax Reform Basics for Employers
  This provides an overview of tax reform changes for employers. Topics covered include changes to employer credit for family and medical leave, employee achievement awards, and qualified transportation fringe benefits.
  
  
• Tax Reform Basics for Individuals and Families
  Addresses tax reform changes that affect individual taxpayers. Topics include standard deductions, personal exemptions, itemized deductions, and the child tax credit.
  
  
• Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding 
  This video explains why many taxpayers may need to change their withholding. It also helps tax professionals understand how to use the IRS withholding calculator to help taxpayers change their withholding.

IRS YouTube Channel
These videos are all in English, with several also being offered in Spanish and American Sign Language.

• Paycheck Checkup: English | Spanish | ASL 
  Taxpayers can watch this video to find out why they should do a Paycheck Checkup after tax reform legislation changed how much tax is taken out of individuals’ paychecks.
  
  
• IRS Withholding Calculator Tips: English | Spanish | ASL
  This video gives taxpayers tips for using the calculator, including what documents to have on hand before starting their Paycheck Checkup.
  
  
• Paid Family and Medical Leave:  English
  If employers provide paid family and medical leave for their employees, they may be eligible for a tax credit. This video has more information about this credit.

Share this tip on social media — #IRSTaxTip: Videos help taxpayers learn more about tax reform  https://go.usa.gov/xERDc

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WASHINGTON –The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles. 

Under the Tax Cuts and Jobs Act (TCJA), the additional first year depreciation deduction applies to qualified property, including passenger automobiles, acquired and placed in service after September 27, 2017, and before January 1, 2027. 

In general, the section 179 and depreciation deductions for passenger automobiles are subject to dollar limitations for the year the taxpayer places the passenger automobile in service and for each succeeding year.  For a passenger automobile that qualifies for the 100-percent additional first year depreciation deduction, TCJA increased the first-year limitation amount by $8,000.  If the depreciable basis of a passenger automobile for which the 100-percent additional first year depreciation deduction is allowable exceeds the first-year limitation, the excess amount is deductible in the first taxable year after the end of the recovery period.

The guidance provides a safe harbor method of accounting for passenger automobiles. The safe harbor allows depreciation deductions for the excess amount during the recovery period subject to the depreciation limitations applicable to passenger automobiles.  To apply the safe-harbor method, the taxpayer must use the applicable depreciation table in Appendix A of IRS Publication 946.  The safe harbor method does not apply to a passenger automobile placed in service by the taxpayer after 2022, or to a passenger automobile for which the taxpayer elected out of the 100-percent additional first year depreciation deduction or elected under section 179 to expense all or a portion of the cost of the passenger automobile. 

Taxpayers adopt the safe harbor method of accounting by applying it to deduct depreciation of a passenger automobile on their return for the first taxable year following the placed-in-service year.

For more information on the additional first year depreciation deduction, see TCJA, Depreciation. For information about other TCJA provisions, visit IRS.gov/taxreform.

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Tax reform eliminated the option to claim “miscellaneous expenses subject to the 2 percent adjusted gross income (AGI) floor” as itemized deductions.  Unreimbursed job expenses were previously part of that miscellaneous expense category. That means as a traditional employee, you can no longer deduct those costs on your tax return. And that includes the cost of:

• meals and entertainment
• travel
• office supplies
• books
• vehicles (actual expenses or the standard mileage rate)

Don’t fret if you’re self-employed or a small business owner! You can still deduct those costs as business expenses. That includes sole proprietorships, farms, and real estate rentals. The new law only eliminated the deduction for work-related expenses for traditional employees.

How do changes to the standard deduction affect itemized deductions?

As you may have heard, the standard deduction for 2018 doubled – or nearly doubled – for taxpayers in all filing statuses. Most people will find it’s not beneficial to itemize their deductions because the new, larger standard deduction provides more benefits.

If you’re not itemizing deductions, it no longer matters whether you can deduct unreimbursed job expenses as miscellaneous itemized deductions.

What should I do if my unreimbursed job expenses are substantial?

If you have a lot of unreimbursed job expenses, the first thing you may want to do is see if your employer will cover the cost. Your employer can still deduct all qualified employee expense reimbursements. That why now is a great time to bring the subject up to your employer so you know what to expect come tax season.

If your employer decides to reimburse your expenses, make sure they use an “accountable plan” that meets all IRS requirements. Using an accountable plan allows your employer to deduct reimbursed expenses and not include the reimbursed amount with your wages on Form W-2. If your employer does not use an accountable plan, any reimbursements must be included on your Form W-2 as taxable income.

Another option is to see if you qualify to work as an independent contractor. If you often have a large number of unreimbursed job expenses, and you meet other independent contractor guidelines set by the IRS, it might be more beneficial to be classified that way. Just be sure you are paid a higher gross amount as a contractor than you were as an employee. That’ll help make up for the lost employer-paid Social Security, Medicare and other benefits lost. “from Tax Act Blog.”