January 9, 2018

What’s New?

  • Changes for 2017 taxes (returns due April 17, 2018):

Credits for energy improvements are gone except for solar or geothermal improvements.

Tuition and Fees deduction is no longer available.  The education credits are still active.

Mortgage Insurance Premiums (MIP or PMI) are no longer deductible.

ACA – The penalty for not having health insurance doesn’t go away until 2019!!!


  • Changes for 2018 taxes (returns due April 16, 2019):

Tax Cuts and Jobs Act – new tax law changes.  We will provide each current client a forecast worksheet showing the potential tax impact by comparing the 2017 law to the new law.  Some of the new changes taking effect January 1, 2018 are:

ACA – The penalty for not having health insurance doesn’t go away until 2019!!!

Employee Business Expenses will no longer be deductible!  This includes expenses incurred by W-2 employees such as:  union dues, uniforms, office supplies, office in the home, unreimbursed employee business mileage, work boots and tools.

Medical expense deductions – 7.5% threshold for those itemizing!

State and Local tax (including real estate and personal property tax) deductions are limited to $10,000!

2nd mortgages, HELOCS (line of credit), and mortgages on 2nd homes will no longer be deductible!

Meals and Entertainment expenses are no longer deductible, unless traveling.

Moving Expenses are no longer a deduction.

The Child Tax Credit has doubled and the phaseout amount has been raised!

Business returns ie. Sole proprietors, farms, partnerships, S-Corporations and C Corporations became even more complicated, but include a new pass thru adjustment!

Missouri parents can claim tax deduction for private school tuition by contributing to a MO 529 plan.  Contributions are limited to $8,000 per taxpayer ($16,000 for married filing joint.


  • Advance Refunds and UP Plus loans:

    With the IRS delay of some refunds, the availability of an advance on your projected refund may be appealing.  This option allows you to apply for a $500, $1000 or $1500 advance on your 2017 Income Tax refund at NO COST to you.  The advance can be received within hours of the IRS accepting your electronically filed tax return.  You may also qualify for an additional $1000 Up+ loan.

  • Click this link to view our annual calendar letter/tax update for more information.  2017 Calendar Letter
  • Click this link for a helpful checklist of items necessary to prepare your return. 2017 Personal Checklist