Tax Extenders
Temporary tax provisions that are regularly extended as a group by Congress, rather than being allowed to expire as scheduled, are often referred to as "tax extenders." These "extenders" have not been extended yet for the 2018 tax year. It is possible they could still be extended retroactively for the 2018 tax year, but the farther into tax season we get, the less likely that is to happen.
The following are a few of the items that have not been extended that apply to individual tax returns:
The above-the-line deduction for certain higher-education expenses, including qualified tuition and related expenses.
The treatment of mortgage insurance premiums as qualified residence interest.
The exclusion from income of qualified canceled mortgage debt income associated with a primary residence.
Nonbusiness energy credits which include tax credits for things like new windows, doors and furnaces.
Disclaimer: The items included in the Tax Tip Tuesday blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
