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Due date of individual return.  File Form 1040 by April 15, 2019.  (If you live in Maine or Massachusetts the due date is April 17, 2019.)

Automatic 6-month extension to file tax return.  You can use Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, to obtain an automatic 6-month extension of time to file your tax return.

 

Tuition Expense:  The above-the-line deduction for qualified tuition and related expenses expired at the end of 2017; the American Opportunity Credit is still available for tax year 2018 and beyond.

Mortgage Insurance Premium:  The deduction as interest of certain mortgage insurance premiums expired at the end of 2017.

Personal Residence Cancellation of Debt Income:  The exclusion from taxable income of this income expired at the end of 2017.  However, this can still apply to debt discharged in 2018 provided there is a written agreement entered into in 2017.

 

 

  • Legislation passed by Congress in December, 2017, commonly called the "Tax Cuts and Jobs Act" is the largest federal tax law change in over 30 years.  Changes affecting all 2018 individual tax returns are far too numerous to address here.  Check under the New Tax Law tab for information on changes affecting your 2018 tax returns.
  • Amended Returns:  The statute of limitations for making changes to a tax return is generally three years from a tax return's due date or date filed, whichever is later.  Thus, an amended return can still be filed for 2015, 2016 and 2017 tax returns.  Also, the IRS has the authority to initiate changes to tax returns during this same time period.  If the IRS has determined that a return is fraudulent, they are not bound by this time period for investigating and initiating changes.
  • ABLE savings accounts for the disabled, similar to 529 plans, have been available for Oregon since January 1, 2016.  Nondeductible contributions of up to $15,000 a year can be made to ABLE accounts for those who become blind or disabled before age 26.  While all is nondeductible for federal purposes, Oregon allows a subtraction for contributions you make to an Oregon or contracting state's ABLE account of up to $4,750 if you file a joint return ($2,375 for all others).  To qualify for the Oregon subtraction, contributions must be made before the designated beneficiary turns 21 years old.  Withdrawals will be tax free when used for qualified expenses such as education, housing, transportation, assistive technology, personal support services, employment training and support, and fees for legal and financial services, among others.