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Extended Tax Breaks

Kathie Gedde

February 12, 2020

The Federal government retroactively extended many tax breaks that may affect your 2019 and 2018 tax returns. Extended tax breaks that impact personal income tax returns include:

  • The Tuition and Fees deduction allows eligible taxpayers to deduct up to $4,000 from taxable income to help cover higher education costs for themselves, a spouse and dependent children.
  • Medical expenses over 7.5% (not 10%) of your adjusted gross income can be itemized for 2019 (the 2018 percentage was also 7.5%).
  • Mortgage insurance premiums may qualify as itemized deductions on Schedule A.
  • Discharge of mortgage indebtedness income may have been included on your 2018 return but now may qualify to be excluded.

For businesses, the Work Opportunity credit wages subtraction was also extended.

These extenders apply for tax years 2018-2020, and 2018 returns can be amended to include them.

SGA will review 2018 income tax returns to determine who may qualify for amendment to claim the benefits, as well as the potential income tax impact of doing so.  Please contact us if you think any of these extenders may apply to your income tax situation.

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