Another vexing issue involves a batch of currently expired tax extenders: The write-off for private mortgage insurance. The $2-million exclusion for forgiven debt on a residence. The limited credit for energy-efficient windows added to one’s home. Several targeted business tax provisions benefiting various special interests. Plus lots of tax breaks for renewable and emerging technology, and many more. Not surprisingly, renewing these popular provisions isn’t Congress’s top priority, but we haven’t yet lost hope that they’ll be revived retroactively this month or next. If the breaks are brought back to life, it’ll cause havoc for tax software firms. They will have to update 2018 return preparation software for the backdated changes. Ditto for IRS, which will scramble to fix its forms to account for the revisions.

Old Tax Breaks Expired

by | Jan 29, 2019 | Exemptions, IRS, Northside Tax Service, TallyTaxMan, Tax Breaks | 0 comments