Company News

Bipartisan Budget Act of 2018

February 15, 2018

On Friday, February 9, 2018, congress reached a stunning budget deal, which was signed by the president, that is sure to be a welcome surprise to many taxpayers this year. In the Bipartisan Budget Act of 2018, many deductions and other provisions that ended in 2016 were extended to 2017. For taxpayers that have already filed their tax returns, it may be worth considering amending your return if these deductions will benefit your tax liability. The following is a list of some, but not all, of the credits, deductions, and provisions newly available to taxpayers for 2017 tax returns:
• Higher education expenses
• Mortgage insurance premiums
• Exclusion for discharged home mortgage debt
• Nonbusiness energy property credit
• Residential energy-efficient property credit
• Fuel cell vehicle credit
• Alternative fuel vehicle refueling property credit
• Renewable electricity production credit
• New energy efficient home credit
• Energy efficient commercial building deduction