Budget Tax Extenders

Budget Tax Extenders

Our government just passed a 2 year budget as part of the budget they retroactively extended several 2017 tax provisions. The tax foundation has a great list which you can find at this link. Here is a list of the ones I think will impact most individuals.

  • Mortgage insurance premiums itemized deduction
  • Above-the-line deduction for qualified tuition and related expenses
  • Several Residential Energy Credit

Now that they have been extended we have to wait for the IRS to updated the forms. Here is a link to their statement about it on their website.

What does that mean for you?

If you have already filed your return and you could have qualified for one of those deductions or credits you will have to amended your tax return to tax advantage of it.

If you haven't filed already I would go ahead and file and get your refund and amend. Because it could take the IRS several weeks to implement the changes and you would have the majority of your refund before then.

Conclusion

Though many individuals will get a benefit from the extension of the tax provisions it is annoying that our government didn't extend them with the original tax deal. If you are a client of Walston Advisory Firm and we have already filed your return we will make sure you know if you would have benefited and will amend your return for our normal fee.

When should you file a separate tax return for your business?

When should you file a separate tax return for your business?

Preparing Your Year End Payroll Taxes

Preparing Your Year End Payroll Taxes