On Tuesday’s St. Louis on the Air, host Don Marsh discussed what you need to know in advance of filing state and federal tax returns that must be postmarked by April 17.
Lance Weiss, a certified public accountant and partner with SFW Partners LLC in St. Louis, joined the program to answer listener questions about taxes – and provide an update on changes for the 2018 tax year after recently approved tax law changes.
“Most of the changes [from the new tax law] kick in January 1, 2018,” Weiss explained. “There are some changes in the mortgage interest rules. That home equity mortgage interest is no longer deductible unless the proceeds on that loan were used to build, buy or improve your main home. There are some dedications that have gone by the wayside.”
Among the questions Weiss answered, here are nine of them:
- Is it good to use programs like Turbo Tax to complete my taxes?
- How will money paid to me from a long term care insurance policy that goes toward my husband’s skilled nursing facility affect my tax situation?
- Can I get any tax credits for home improvements?
- My wife and I are both retired and we both deferred taking Social Security. We have substantial capital gains but no earned income. Is it true that a significant portion of capital gains is not taxable?
- How does the new tax law affect yearly bonuses?
- I am going into assisted living this year. I have a small amount of investments that I’ll be delving into. Am I liable for those investments and is there something I can do to reduce my liability on that?
- I installed solar panels on my house. Can I qualify for a tax credit?
- How will the new law impact my deduction for student loan interest and for tuition expenses?
- What happens if I mail a charitable contribution at the end of the year but the charity doesn’t cash it until the next year?
CNBC put together a list of other ways the new tax law will impact 2018 returns.
St. Louis on the Air brings you the stories of St. Louis and the people who live, work and create in our region. St. Louis on the Air host Don Marsh and producers Mary Edwards, Alex Heuer, Evie Hemphill and Lara Hamdan give you the information you need to make informed decisions and stay in touch with our diverse and vibrant St. Louis region.