We wanted to share a gentle reminder that the tax filing deadline this year has once again shifted away from April 15th. When is the Tax Filing Deadline? For individual taxes, the final date to file your taxes is Tuesday, April 17th, 2018. This goes against the traditional April 15th deadline for individual tax returns. The shift is due to April 15th falling on Sunday as the tax deadline cannot land on a Sunday. Also, since Monday April 16th is Emancipation Day (which is a legal holiday for the District of Columbia), the filing deadline will be pushed to Tuesday, April 17th, 2018. This gives you a couple of extra days to meet the deadline. Where's My Refund? Once taxes are filed, a common question we get is "where is my refund?". The Read More...
Good News! Three Well-Liked Tax Benefits are BACK!
We have good news for those of you who have capitalized on these benefits in the past and were concerned that they were going away for good. THEY'RE BACK! And they're retroactive so you may claim them for tax year 2017! These claims include: Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982, Mortgage insurance premiums treated as qualified residence interest, generally claimed by low- and middle-income filers on Schedule A, and Deduction for qualified tuition and related expenses claimed on Form 8917. After expiring at the end of 2016, on February 9th, the Bipartisan Budget Act renewed for tax year 2017 for a wide range Read More...