Quick Tip: Congress Extends Tax Breaks
Earlier this fall, I wrote an entry indicating that three tax deductions were set to expire unless Congress acted. These breaks were:
1.) Deduction for tuition
2.) Deduction for teachers who buy classroom materials
3.) Deduction for state and local sales taxes
Early Saturday morning, the lame duck Congress approved measures to extend these breaks which are expected to be approved by President Bush. If passed, for those who could benefit from these deductions, just be aware that the IRS will now have to update the printing of the 2006 tax forms to reflect the changes. So you may have to wait until the updated form is printed and available and/or updated in your tax software program. Once these forms become available, the quickest way to get the updated tax form will be going to the IRS website.
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