All posts by Beth

Owner of Hupp Tax Service

Good news, bad news – retroactive tax changes

Good news.  New legislation passed February 8, 2018 extends through 2017 several tax breaks that had expired in 2016. That is good news for many taxpayers.

While there are many, many provisions in the “Bipartisan Budget Act of 2018”, the most common breaks affecting our clients in Ohio are the following:

  • Mortgage insurance premium deduction (PMI)
  • Tuition and fees deduction
  • Energy credit
  • Qualified principal residence debt exclusion (very significant for those foreclosed on in 2017)

Bad news. This retroactive change means taxpayers may not have the necessary information to include on the tax return. For example, your mortgage interest statement may not have included the PMI amount.Or you may not have kept the receipts for the energy efficient windows, furnace and insulation you purchased in 2017.

Some taxpayers have already filed and will need to amend their tax return to tax advantage of the updated law.

Lastly, taxpayers who want to take advantage of these provisions will have to wait until tax software is updated and approved.

Please follow and like us:

Client mailing is on it’s way!

A client favorite! Our handy Tax Document Collection Pouch is on it’s way. Enjoy collecting all your tax information in one place. If you’re not an existing client, feel free to stop in and pick one up.

Please follow and like us:

New tax legislation in the works

Significant changes to our current tax system seem likely for 2018. There will be winners and losers with this bill; no one knows all the details yet. However, the proposed higher standard deduction for 2018 seems likely. For now, our best advice for 2017 is to consider accelerating state and local tax payments, including property taxes, as well as charitable donations.  This may make these deductions obsolete for many taxpayers who usually itemize their deductions.

Please follow and like us:

Please call our office before emailing documents

We receive a vast amount of spam and phishing emails. If we don’t know to expect it, we WILL delete your email without opening the attachments. If you need to email a document to us, please call first to let us know what to expect. Another good option is the old-fashioned fax machine (440-944-4341)!

Please follow and like us:

Driver’s license info needed this year

Driver’s license information is now required for electronic tax return processing. Refunds may be delayed if the driver’s license information is not included. The intent is to help prevent fraudulent tax refunds from being issued.

Please follow and like us: