TAX DAY – 1.28.19 FIRST DAY TO EFILE:
- January 28, 2019 is the first day that the IRS begins accepting all returns whether paper or electronic. NO PENALTY FOR NOT HAVING HEALTH INSURANCE COVERAGE
- WHAT’S NOT DEDUCTIBLE FOR 2018 TAX YEAR:
- UNREIMBURSED EMPLOYEE EXPENSES – MOST COMMON
- MOVING EXPENSES
- OTHER MISC DEDUCTIONS SUBJECT TO 2% (VARIOUS-SAFE DEPOSIT BOX, ETC)
- CASUALTY AND THEFT LOSSES, EXCEPT IF FEDERALLY DECLARED DISASTER
- PLEASE NOTE: Below are the common tax extenders from 2017 to 2018
- Deduction for School Teacher Expenses ($250) – most common – extended thru 2018
- Tuition and Fees Deduction – most common – extended thru 2018
- State and local sales tax deduction – most common; however limited to 10K, including Realty
- Mortgage Insurance Premiums – most common – extended but capped
- Exclusion for discharge of principal residence (foreclosures)
- Tax-free distributions from IRA’s for charitable purposes
- Special rule for contributions of capital gain real property made for conservation purposes
- Parity for exclusion of employer-provided mass transit and parking benefits
