TAX BREAKS THAT ARE GONE FOR GOOD
October 9, 2019 - Douglas Myser
Tax breaks that are gone for good. For most Americans, filing their tax returns for the 2018 tax year is just a distant and unpleasant memory. Yet even though the vast majority of taxpayers got their returns filed by mid-April deadline nearly six months ago, a few had hoped that Congress might get around to extending some much loved tax breaks that have been popular over the years. It seems that every election cycle the fever for tax breaks get to a higher pitch, as Congress people and other elected officials contemplate the electorate and chances for re-election. Tax breaks that are gone for good. Now, those hopes are close to getting dashed. Time and time again, lawmakers have failed to get any forward momentum going on tax extenders, and many now think that key tax breaks might never come back.
Tax extenders are provisions that give tax incentives to taxpayers on certain items, but only for a limited period of time. Temporary tax breaks come about because the federal government has to account for the long term budgetary impact of any changes to tax laws. It's more expensive to pass a tax break that will extend permanently into the future than it is to have it be in effect for only a single year. Therefore, some tax breaks get passed on a temporary basis, and it's up to Congress to decide year in and out whether to renew them. Tax breaks that are gone for good.
Typically, the timeline for considering extending these tax breaks is in late December, trying to get things in under the wire before year end. Even getting things done this late puts pressure on the IRS to work those fixes into their tax forms and instructions to taxpayers. Sometimes, negotiations slip into early January, but as long as they're done relatively quickly, taxpayers can still take the newly renewed provisions into account by the time they file their returns. The tuition and fees deduction may be gone forever. Mortgage interest looks like its lost as well.
If you have a tax debt due to the loss of past deductions, our Tax Resolution Company can help. We can determine your Tax Relief options, including the IRS Fresh Start Program, with Tax Professionals who are a cut above the grade. Live in Fresno ? We can determine the Fresno IRS Fresh Start Program to see if you qualify for it, or any Tax Relief programs outside that particular program. Live outside of Fresno ? Don't worry as Federal Tax Resolution is a Tax Resolution firm that offers Tax Resolution Services Nationwide and serves all America, and can service clients Worldwide. Call today for a Free Consultation. 1-888-689-7861