• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

6 extenders for ’17 returns

Get PDF file

by on
in Small Business Tax,Small Business Tax Deduction Strategies

The Tax Cuts and Jobs Act (TCJA) isn’t the only major tax law passed by Congress in the last few months.

Alert: The new Bipartisan Budget Act of 2018 (BBA), which extended funding of the federal government, also revived around 30 tax provisions that had expired at the end of 2016. These extensions are generally retroactive to 2017, but only last for just the one year.

While many of the “tax extenders” are obscure or industry-specific, here are six that may be right up your alley. If you’ve already filed your 2017, consider filing an amended return, Form 1040X, to claim these tax breaks.

1. Obtain a passing tax grade. An above-the-line deduction for tuition and related fees can be claimed, but deduction is subject to a phase-out based on modified adjusted gross income (MAGI).

  • The maximum deduction is $4,000 for an MAGI of up to $65,000 for single filers; $130,000 for joint filers
  • The maximum deduction is $2,0...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment