February:
Alert
Some expired deductions were extended. For 2018 mortgage insurance has been extended as a deduction for one year for now. If you previously filed your taxes, the mortgage insurance deduction may not have been included on your software. Software companies are revising their software to include this recent change. If you have already filed your return, you will need to file an amended return (1040X) to take the deduction.
Some of the other one-year extensions just passed include energy credits and the above-the-line tuition deduction. You will also need to file an amended return for these if you filed your return before the tax law was passed.
The 2018 tax law has eliminated the employee business expense deduction. This includes employee deductions such as:
mileage meals hotel entertainment uniforms union dues.
Standard mileage rates for 2018:
54.5 cents per mile for business travel.
18 cents per mile for medical purposes.
14 cents per mile driven for charitable organizations.
Mileage for has been disallowed as a move-related expense, except for military members.
The 2018 tax law change has increased the depreciation limits for passenger autos. The maximum cost may not exceed $50,000 for passenger cars, trucks and vans.
The deadline for filing partnership and S corporations is March 15. If you need more time you can file Form 7004 for an automatic extension.
March 15 is the deadline for electing S corporation status for tax year 2017. The election is filed on Form 2553.
