Tax News

2018 Form 1095-B and Form 1095-C to Individuals Extended !

The Internal Revenue Service has extended  the due date for furnishing the 2018 Form 1095-B and Form 1095-C to individuals from January 31, 2019 to March 4, 2019.This extension is automatic which means that you do not  need to submit a request or documentation to take advantage of this extension.  Read the  Notice 2018-94.Read More »2018 Form 1095-B and Form 1095-C to Individuals Extended !

Interest Paid on Home Equity Loans Still Deductible- IRS Clarifies !

Despite newly-enacted restrictions on home mortgages under the Tax Cuts & Jobs Act , you  can still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage. This is so , because the restriction under the The Tax Cuts and Jobs Act of 2017, enacted on Dec. 22, is not for the deduction for interest paid on home equity loans and lines of credit that are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Read More »Interest Paid on Home Equity Loans Still Deductible- IRS Clarifies !