Tax

You might get these 4 tax breaks back if Congress reinstates deductions

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Lawmakers are taking steps to renew a package of tax breaks, potentially making a slew of expired deductions available once again.

The so-called tax extenders are a series of temporary provisions in the code that have expired and must be cleared by Congress retroactively each year in order for filers to claim them.

Those breaks cover a variety of measures, including a deduction for qualified tuition expenses and credits for two-wheeled electric vehicles.

On Tuesday, Rep. Mike Thompson, D-Calif., proposed the Taxpayer Certainty and Disaster Relief Act, which would extend a number of expired provisions through 2020.

The bill will be marked up by the House Ways and Means Committee on Thursday.

Elected officials hit an impasse over the federal shutdown and other battles this spring, so the extenders weren’t approved in time for the 2018 tax filing deadline of April 15.

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That meant that people who would have otherwise been eligible for these deductions and credits couldn’t claim them.

If Congress were to pass a measure allowing the extenders, taxpayers would have to file an amended return for 2018 to take those breaks, said Nicole Kaeding, director of federal projects at the Tax Foundation.

Expect a continued fight in Congress.

“We’ll see what happens in the House, but in the Senate, there’s no chance of it being enacted as written,” said Mark Mazur, director of the Urban-Brookings Tax Policy Center.

Here are four tax breaks you might get back if Congress reinstates the extenders….Read more>>

Source:-usatoday