The Bipartisan Budget Act of 2018 that was signed into law on February 9 included an extension of the expired extender provisions and the same tax relief provisions for California wildfires that was given to victims of the hurricanes as follows:
Extender Provisions that Affect Individuals
The following expired federal provisions that affect individuals were extended for one year (2017):
Extended for more than one year:
California Wildfire Tax Relief
The following tax provisions that provide relief for taxpayers affected by the California wildfires that occurred on or after October 8, 2017 for 2017 federal tax returns.
Deduction for Personal Casualty Losses
Uncompensated losses in the applicable California wildfire disaster area:
Special Rule for Determining 2017 Earned Income for the Earned Income Tax Credit and Child Tax Credit
Qualified individuals may use their earned income from 2016 to determine their earned income tax credit and their child tax credit for their 2017 federal income tax return if their 2017 earned income is less than their 2016 earned income.
Qualified individuals are those whose principal place of abode was located in the California wildfire disaster zone or they lived in the California wildfire disaster area or they lived in applicable California wildfire disaster are and they were displaced from their home because of the wildfire.
Penalty-Free Access to Retirement Funds
Charitable Contributions for Hurricane Relief
Suspends the limitation on charitable contributions associated with California wildfire relief that are made between October 8, 2017 and December 31, 2018.
Bipartisan Budget Act Extended the Expired Extender Provisions and Included Tax Relief for Victims of the California Wildfires
Feb 15, 2018
Useful IRS Webpages for This Filing Season
Feb 14, 2018
2018 Individual Estimated Payments and the Tax Cuts and Jobs Act
Feb 7, 2018
2018 Tax Cuts and Jobs Act Changes to be Aware of
Feb 2, 2018
Two New Provisions to be Aware of for 2018
Jan 24, 2018
Things to be Aware of for the Upcoming 2018 Filing Season
Jan 3, 2018