Congress passed a $400 billion budget deal Friday morning, Feb. 9 that broke through previous spending caps and suspended the debt limit for a year. It also included money for disaster relief, opioid treatment and veterans, as well as a six-week spending package to keep the government agencies in operation while a year-long spending bill gets drafted.
There are a number tax breaks that expired at the end of 2016 but will now be renewed retroactively for 2017 so that people can claim them on this year’s tax returns.
Individual extenders include:
- Above the line deduction for qualified tuition and related expenses
- Mortgage insurance treated as qualified residence interest
- Indian employment tax credit
- Empowerment zone tax incentives
Click here for a printable pdf of some of the provisions in the Act.
As always, check with the tax professionals at Ketel Thorstenson for these and other tax matters. Don’t navigate the difficult and ever changing tax codes and legislation on your own. Our CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry. KTLLP can help with any tax return preparation or tax planning questions that you have.