Congress reinstates several credits & deductions that had expired at the end of 2017 retroactive to 2018.
You may wish to consider amending your 2018 returns if in 2018 you paid mortgage insurance premiums (MIP) OR had a mortgage cancelled OR deducted medical/dental expenses on Schedule A OR paid tuition for which you were not able to claim a tuition credit OR installed energy efficient doors, windows and/or insulation in you primary home.
Affordable Care Act (ACA) tax effects change for 2019.
The individual mandate penalty (aka ISRP) has been repealed as of the beginning of 2019. No more punishing tax for not having health insurance. Warning: However, the reconciliation of subsidies continues. Taxpayers who received an advance premium tax credit (APTC) in 2019 may have to pay some or all of it back to IRS at tax time.
Tax credits for energy improvements have been reinstated (again).
If you installed energy efficient windows, doors and/or insulation in your primary home, you may be eligible for a tax credit learn more
The credit was killed in 2017, but reinstated for 2017 in 2018 and now it has been extended again, this time through 2020.
Mortgage Forgiveness Relief Act has been extended through 2020.
The cancellation of mortgage debt (COD) on your primary home may be excludable from income. If you paid tax on mortgage cancellation income in 2018, you may wish to amend your 2018 return to remove this COD from income.
Are you getting all the credits that you deserve ?
Many taxpayers are failing to take advantage of several new tax credits that could have saved hundreds, even thousands of dollars.
Are you one of them ? learn more ...