While the new budget act was not meant to be tax legislation, the law reinstated a few 2017 tax breaks. Learn about these and more in this week's Bottom Line. See more headlines like this at CPAMagazine.com.
Although the Bipartisan Budget Act of 2018 was not intended to be “tax legislation,” the law reinstated a few 2017 tax breaks including:
• The above the line education deduction for tuition and fees for up to $4,000 if joint income does not exceed $160,000. • The mortgage insurance premium deduction may be itemized for one more year as a part...
On December 19, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on individuals and businesses, and to stimulate the economy and create jobs. The tax cuts are projected to be nearly $1.5 trillion. The long-term impact on the deficit is unclear; the measure adds to the deficit in the short term but could reduce it in the long...
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