Will Your Credit Card Interest Be a Tax-Deduction This Year?

The AFI Group

Published on: 01/12/2020

The Tax Cuts and Jobs Act, signed by President Trump in 2017 was the biggest overhaul of the tax rules in 30 years.1 For individuals, it wiped out many of the miscellaneous itemized deductions taxpayers had used in previous years. With a substantial increase in standard deductions, the need for itemized deductions became obsolete for most taxpayers.