Drudge Retort: The Other Side of the News
Tuesday, January 14, 2020

On December 20, President Donald Trump signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act). The new legislation retroactively resurrects and/or extends a bunch of individual and business federal income tax breaks, which we will call the extenders. The extensions generally go through 2020.




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Not sure how I missed this. Probably went unnoticed with all the other stuff going on... Some people are getting an unwelcome surprise this year. Below is from a newsletter I get:

The Act contains disaster relief provisions, repeals some of the tax provisions of the Affordable Care Act, and increases funding for the Internal Revenue Service. The Disaster Relief Act extends more than 30 expired tax provisions through 2020.

Key provisions extended through 2020 include:

Mortgage debt forgiveness on a principal residence in certain situations
The ability to deduct mortgage insurance premiums as an itemized deduction
Medical deduction for qualified expenses exceeding 7.5% of adjusted gross income (versus 10%)
Tuition and fees deduction as an "above-the-line" deduction
Work Opportunity Tax Credit (WOTC) for employers hiring from certain targeted pools of employees
Family and Medical Leave credit for employers meeting certain criteria and offering such benefits
Plug-in vehicle credit for certain qualifying vehicles

Provisions that were not included in the Act:

Reinstatement of unreimbursed employee expenses being deductible as an itemized deduction
Increase in the $10,000 cap on state and local tax deductions allowed as itemized deductions

So if you have to buy something for the job and they don't reimburse you for it - not deductible. Not to mention the state and local tax caps.

#1 | Posted by GalaxiePete at 2020-01-14 09:52 AM | Reply

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Drudge Retort