Curious about the new 2018 tax law voted in at the end of 2017?
As new information comes in, I will be blogging so you will be able to stay informed. Currently the IRS and the Dept. of Treasury are staying silent, but I am hearing some tax consultants are trying to get ahead of the game by trying to interpret available information on the tax bill. Be weary about this.
Now that the bill has moved to the IRS and Dept. of Treasury, they are busy trying to write the tax code, fill in gaping holes and getting things in order before broadcasting the new law to everyone. They estimate it will be 6-8 months before we know specifics. In the meantime, I will blog about the changes I feel comfortable sharing.
ITINS (Individual Tax Identification Numbers)
For those of you with a ITIN card, be aware if your middle 2 digits are 70, 71, 72 or 80, your card has expired as of Dec. 31, 2017. You will not be able to file your tax return UNTIL your card renewed.
2017 Tax Return Dates and Important information:
· Federal Electronic tax return filing starts January 29, 2018
· Federal Filing deadline: April 17, 2018 (due to the 15th falling on the weekend and Emancipation Day)
· Oregon State filing deadline: April 17, 2018 (same as Federal)
Earned Income Credit/Refunds and Additional Child Tax Credit
If your 2017 income tax return shows a refund due you, and you have claimed the earned income credit and/or the child tax credit, your refund will be delayed until February 27, 2018. This is to allow time for IRS to uncover fraudulent tax returns and help battle identity theft
Expired Deductions and Provisions as of December 31, 2016
· Tuition and fees deduction for your college loans has expired (however AOTC and the Lifetime Learning Credit are still available)
· Mortgage Insurance premiums deducting as mortgage interest has expired
· Medical expenses claimed by persons 65 and older, now can only deduct those expenses exceeding 10% of their adjusted gross income
There are several small changes, like a small increase to the standard deduction, and personal exemptions, but other than that, tax es are pretty much as they were last year.
Feel free to contact me if you have any specific questions about what’s happening with your 2017 taxes this year, and I’ll blog more about the new tax law that went into effect Jan. 1, 2018.