February 18th, 2018
TAX TIP OF THE DAY... last minute changes to 2017 tax laws
"Too bad, so sad" if you already filed your taxes. You may have missed newly added deductions for 2017. On 02/09/18 Congress passed new 2017 tax laws that brings back the popular energy credits, PMI mortgage deduction, tuition deduction, and many more. The timing is bizarre.
If you missed a deduction, you can amend using form 1040X, but not anytime soon. It is unknown when the IRS will have their computers re-programmed to accept these changes. Most software companies do not have these deductions either, as they await guidance from the IRS on technical specifications.
My firm is using work arounds when possible to file most returns NOW.
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If you need tax help... www.baboiancpa.com
David S. Baboian, CPA