On December 19th 2019 Congress passed the Further Consolidated Appropriations Act of 2020.
A portion of the Act extends certain tax provisions and provides tax incentives related to the 2018 tax year, making them retroactive, extending them into 2020 and in some cases even further.
If you were entitled to the provisions that had expired at the end of 2017, they were not considered in the preparation of your 2018 tax return. With this in mind, If you had your 2018 tax return prepared with us, we have reviewed all of our clients 2018 tax returns, any affected clients have been notified. If you prepared your own taxes, or had them prepared somewhere else, you will need to determine if amending your 2018 tax return will be beneficial to you.
Here is a list of some of the items that were affected, please review the following listing and if you did have any of these issues, it may be worth your while to review, or come to our office to have us assist you in claiming these tax benefits on your amended 2018 tax return.
- Exclusion from gross income of discharge of qualified principal residence indebtedness
- Reduction in medical expense deduction floor
- Treatment of mortgage insurance premiums as qualified residence interest
- Deduction of qualified tuition and related expenses
There are certainly other provisions we will review, however, these are the most common.
We take pride in being “Your Financial Partner for Life” we treat every client relationships as a partnership. We will continue to work for you well after the tax return is prepared and filed, we are well aware that our success is directly connected to your satisfaction.