These expired with the 2016 tax year:
- Tuition and Fees deduction
- mortgage insurance premiums deduction
- nontaxable cancellation of debt on principal home sale/foreclosure/mortgage modification
2017 Tax Year
- Other than cost-of-living adjustments, there are no major 2017 tax law changes. Not to be said for 2018.
Specific to Massachusetts:
- New deduction starting for 2017 tax returns: Prepaid Tuition / College Saving Plan
maximum $1,000 ($2,000 if MFJ) deduction for contributions
- Filing Deadline: Tuesday, April 18, 2018
(per usual, if Federal filing deadline falls on Patriot's Day, MA and ME's deadline next day)
2018 Tax Cut and Jobs Act:
Now signed into law, most changes will go into effect for 2018, with the individual provisions through 2025. Taxaway clients were alerted to potential tax savings steps to take before the end of 2017. The 'Quicklist for 2018' tax filing will be posted here later in the year.