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Deductible Expenses for Live Theatrical Productions Section 181 refers to special expensing rules for certain film and television productions that allows taxpayers to treat the costs of any qualified film or television production as a deductible expense.This provision also applies to production costs for qualified live theatrical productions with certain restrictions.Homeowners whose homes have been foreclosed on or subjected to short sale are able to exclude from gross income up to million of canceled mortgage debt. Energy Saving Home Improvements If you made your home more energy efficient in 2017, you have another chance to take advantage of this tax credit on your tax return.This credit reduces the amount of tax owed as opposed to a deduction that reduces your taxable income.Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

The deduction for qualified tuition and fees was also extended through 2017 and is an above-the-line tax deduction.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.

If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis.

If you've already filed your 2017 federal tax return want to claim one or more of these retroactive tax breaks, please call for assistance in filing an amended tax return.

Estimated tax is the method used to pay tax on income that is not subject to withholding.


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