Congress passed last-minute legislation that might favorably affect your tax situation. Many beneficial tax breaks expired at the end of 2017. Recent legislation has retroactively extended over 30 tax provisions, generally through 2020. You might be able to apply some of these provisions to your already filed 2018 tax return. We can work with you to determine if the anticipated tax benefit would justify the cost of filing an amended return.
Some of the more popular tax breaks recently extended by Congress include the following:
- The tax credit for energy-efficient improvements to your principal residence.
- The two-wheeled plug-in electric vehicle credit.
- The deduction for mortgage insurance premiums associated with your principal residence.
- The deduction for qualified tuition and related expenses.
- Kiddie tax is back to parents’ tax rate instead of trusts and estates tax rates.
Please let us know if you think any of these tax breaks would apply to you.READ MORE