UNLESS CONGRESS ACTS ON EXTENDERS MANY TAXPAYER ARE IN LIMBO


Article Posted on 03/08/2019


Here we are in March 2019 and Congress has still not acted on several tax breaks that expired at the end of 2018.  Congress assured taxpayers that these tax provisions would be reinstated but no action has yet been taken.  These are the so called “extenders.”

 

Among other provisions that impact a few taxpayers such as write offs on race horses and motor sports complexes there are a few that impact several "normal taxpayers". The extenders include mortgage insurance and certain deductions for college tuition and fees.  

 

Legally you can’t file a return showing these deductions.  Not only are there severe fines, there is not place on the tax return to claim the expenses and, the IRS computers are not programmed.  So that does not work.

 

So what to do?  If you have these deductions, you can extend your tax return or you can file and amend the return later if the extenders get passed.  

 

Taxes are fun!!

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