Has anyone heard lately if there is even talk about extending some of those that expired on 12/31/17? Such as MIP, education & energy credits. I have alot of clients that pay MIP. So I was just wondering how it is looking, are they even discussing it at this point? Anyone heard?
-
-
Yesterday 2/28/2019 the Senate introduced a bill to extend all of these. Seems a good chance they will be extended but I guess it will be close to the April 15th deadline before any legislation will be passed. -
For most MFJ taking the 24K Std Deduction it will be a non issue. So now we have to hunt down clients who itemized and had MIP and then do a 1040X.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
-
I've kept a list of my clients that are affected by this that do pay MIP and I calculated the difference with and without it incase they do extend it. So I know if it is worth amending or not. Our state will follow Federal so It does make quite a difference for my taxpayers. I've got over 25 clients so far that will benefit from it.Comment
-
If this legislation is attached to some other bill that is not supported by either party then the chances of passing it before 4/15 is remote IMHO!Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
Comment