Extenders

[Snaggletooth]

Congress spent so much time on the new tax law that they let the items die on the vine that had been resuscitated for years at the eleventh hour in December. We have been told to not use such items as mortgage insurance, certain energy credits, certain interest, etc. because Congress would not have time to fool with them anymore.

Not so fast. Congress is now entertaining a post-mortem revival of many of these items, and the vote will drag on deep into tax season.

I'm so sick of these idiots I'm going to get a popular bumper sticker: "This Fall, Fire 'em All! Replace all incumbents."

Now the really smart people are telling us to file without the extender deductions/credits and then do an amended return if significant.

[ttbtaxes]

Excellent point. If life gets miraculously breathed into it, who's going to amend returns for a client who didn't take a $500 PMI deduction on their 2017 return? It's not happening. Hard-earned money down the proverbial government rat hole.

[ATSMAN]

I have had 2 clients who are eligible for the max. residential credit but can't get it for 2017. One of them is really upset because his wife was bugging him to replace their HVAC system the previous year, but instead he got a new pickup truck!

I told them if the extenders are extended post filing, I will do the 1040X free, but don't hold out hope with this Congress!

I am really surprised that the worlds #1 economy runs its Govt. this way and the same people keep on getting reelected. What does it tell about American voters??

[Nashville]

Here's Why

I am really surprised that the worlds #1 economy runs its Govt. this way and the same people keep on getting reelected.

ATSMAN Here's why:

Jimmy Politico, back home in his state: "Elect me, and I'll stand up for [your state] values! We've had enough of Washington thinking running things the wrong way. It's time time you had someone to fight for your healthcare values, immigration values, tax values, birth values, and everything else you believe in."

John Q Public: "You go, Jimmy! Go up there and do all that!!"

Jimmy Politico, in Washington: "What do you lobbyists want me to do? I don't care what I told those ignorant voters in [your state], I'll sell out in a heartbeat."

ATSMAN, I'm sure up where you're from you have honest politicians, not like the ones down here. Everyone lives in nice houses with well-trimmed lawns, has good jobs, and are smart enough to vote for effective representatives.

[nwtaxlady]

I have many clients who have the MIP so I am making a list of these clients incase it does pass and then we can look at amending. Yes, this is frustrating to have to wait to see what happens with the Extender Bill. Be looking around February 8th.

[ATSMAN]

ATSMAN Here's why:

Jimmy Politico, back home in his state: "Elect me, and I'll stand up for [your state] values! We've had enough of Washington thinking running things the wrong way. It's time time you had someone to fight for your healthcare values, immigration values, tax values, birth values, and everything else you believe in."

John Q Public: "You go, Jimmy! Go up there and do all that!!"

Jimmy Politico, in Washington: "What do you lobbyists want me to do? I don't care what I told those ignorant voters in [your state], I'll sell out in a heartbeat."

ATSMAN, I'm sure up where you're from you have honest politicians, not like the ones down here. Everyone lives in nice houses with well-trimmed lawns, has good jobs, and are smart enough to vote for effective representatives.

When will America get Lobbyists that Lobby for the average Joe! When I vote, if I feel my rep or senator is not meeting my expectations, I either vote for a new candidate that I think may make a difference or just leave that box open, vote for my local elections. I am a strong believer of term limits!

[spanel]

When will America get Lobbyists that Lobby for the average Joe! When I vote, if I feel my rep or senator is not meeting my expectations, I either vote for a new candidate that I think may make a difference or just leave that box open, vote for my local elections. I am a strong believer of term limits!

So the main ones are:

No more

Tuition and Fees --> use American Opportunity or Lifetime Learning
Energy Efficient Credits --> $500 worst case lost
Principle Residence Indebtedness Forgiveness --> This could be huge as its all income now.

Chris

[kathyc2]

Not so fast. Congress is now entertaining a post-mortem revival of many of these items, and the vote will drag on deep into tax season.

Where are you finding there is any chance of that happening? All I can find is S2256 sponsored by Hatch. It was sent to the Finance Committee 12.20.17. Hatch chairs the committee, so it he wanted it to move through it would have done so already.

[Snaggletooth]

See link below

https://myatx.blogspot.com/2018/01/pending-tax-extenders.html

[kathyc2]

https://myatx.blogspot.com/2018/01/p...extenders.html

How the heck are software vendors allowing returns with a PMI deduction to be transmitted? The law as it stands is that it is not a deduction.

[ATSMAN]

How the heck are software vendors allowing returns with a PMI deduction to be transmitted? The law as it stands is that it is not a deduction.

Either they know something that we don't know or they are stupid!

I would like to hear from ATX users who are getting the IRS rejects.

I have advised my clients that in the event it does get retroactively extended, I will do the 1040X for no charge!

[spanel]

Either they know something that we don't know or they are stupid!

I would like to hear from ATX users who are getting the IRS rejects.

I have advised my clients that in the event it does get retroactively extended, I will do the 1040X for no charge!

Why on Earth would you do that!!!

I don't work for free. They have two option. Wait and cross your fingers (ya right) or file your return and if they actually do extend, I will file a amendment.

I sure as H3LL don't work for free when its NOT my fault. I sure as you know what am not amending a ton of returns to add PMI, energy credits,etc for free!!

Chris

[ATSMAN]

Why on Earth would you do that!!!

I don't work for free. They have two option. Wait and cross your fingers (ya right) or file your return and if they actually do extend, I will file a amendment.

I sure as H3LL don't work for free when its NOT my fault. I sure as you know what am not amending a ton of returns to add PMI, energy credits,etc for free!!

Chris

I don't work for free either but you have to think strategically! Do I want my client to go down the street to my competitor to get a 1040X done? What do you think my competitor is going to do to convince them to switch? Do I want to take that chance for less than 30 minutes of my time? I think not!

[kathyc2]

Why on Earth would you do that!!!

I would do exactly the same thing. I guess it depends on what your business model is. I would much rather have a returning client than a new one. If I have to go out of my way to keep a good current client happy I don't see that as an imposition but rather working in both mine and the clients best interest.

[spanel]

I would do exactly the same thing. I guess it depends on what your business model is. I would much rather have a returning client than a new one. If I have to go out of my way to keep a good current client happy I don't see that as an imposition but rather working in both mine and the clients best interest.

You guys must have more time than me. I'll happily do the amendment.. probably like $50. No way am I doing an amendment for free for something the client created.

They are not going to "go down the street" as you say. Plus they are going to pay WAY more than that anyway.

Anyone with any kind of volume, you can figure 50+ clients with just the PMI deduction being significant alone. I'm not doing that many amendments for nothing.

Chris