Free tax tutorials on 20 percent business deduction, and more

Changes to the tax code that could save REALTORS® thousands of dollars were enacted last year. The most significant change is a new business income deduction that allows independent contractors to deduct 20 percent of net business income.

To help you understand the changes and see how they may apply to you, the National Association of REALTORS® (NAR) has released a series of video tutorials. These tutorials cover topics that affect your taxes as a REALTOR® and as a homeowner or renter.

Don’t wait until tax season is in full swing – learn about the changes and how they affect you now so that you can take full advantage of the tax savings.

NAR tax tutorials

Elimination of business entertainment deduction

Taking the 20 percent business income deduction

Changes to the mortgage interest deduction

Limits on state and local tax deductions

Curtailment of casualty deduction

Curtailment of moving expenses deduction

Retention of capital gains exclusion on home sale proceeds

Changes in tax rates

Increase in standard deduction

Elimination of personal exemptions

Doubled child credit

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