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Saturday, January 27, 2007

The Extenders Bill

Heard of it?

If you haven't, you may be missing out on some important tax savings if you file before February 3rd.

Because Congress did not pass certain tax legislation until the very last day of the the last session, and the IRS had already gone to press with the new forms, a lot of the tax provisions for this year can't be efiled until after February 3rd. Many people are under the impression that they can't get these tax breaks this year, so take note!

Affected provisions:
1. Tuition and Fees Deduction
2. State and Local Sales tax deduction
3. Educator Expense Adjustment to Income

Also important to note, if you don't efile (and why NOT? You get your return processed more quickly when you do.), the forms will not reflect these items and they have to be written in and properly notated in order for the IRS to process them.

So if you're able to take advantage of these deductions, take note! Tax savings from the relative we love to hate, Uncle Sam!

3 comments:

Tori Lennox said...

And don't forget! If you stole something last year, you have to declare its worth on your taxes! *g*

Michelle said...

Thanks for the tip! :)

Danica/Dream said...

Yes, Tori! Go report those illegal earnings, especially your drug deals!

You're welcome Michelle!