![]() " H.R.1 - An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018: Text." " Be Tax Ready – Understanding Tax Reform Changes Affecting Individuals and Families." " How Did the TCJA Change Taxes of Families with Children?" " In 2017, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged." " Five Things to Remember About Exemptions and Dependents for Tax Year 2017." " Publication 5307, Tax Reform Basics for Individuals and Families,". 515 Casualty, Disaster, and Theft Losses." " Publication 936 (2022), Home Mortgage Interest Deduction." " Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)." " IRS Provides Tax Inflation Adjustments for 2023." " IRS Provides Tax Inflation Adjustments for 2022." " H.R.1 - An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018: Summary." And, in the end, the expansion of 529 plans to cover K-12 education did not include homeschooling.The earned income tax credit, which gives a tax break to the working poor, was not expanded.The House bill wanted to eliminate medical-expense deductions, but the final bill keeps them and provides a small boost for two years, as noted above in "You Itemize Deductions and File Schedule A.".But it did increase the threshold for paying the AMT so fewer taxpayers will be affected by it. The act also failed to eliminate the individual alternative minimum tax (AMT).The low-income housing tax credit was also saved. The president of the National Low Income Housing Coalition told NPR that a provision of the bill that would have revoked the tax-exempt status of private activity bonds, a benefit that encourages investment in affordable housing construction by lowering its cost, would have meant “a loss of around 800,000 affordable rental homes over the next 10 years." These bonds also finance infrastructure projects such as roads and airports.They can take this deduction whether they itemize deductions or take the standard one. Teachers also worried about losing their up-to-$250 deductions for expenses related to their classrooms and jobs but they didn't.Anyone with student-loan debt will still be able to deduct the interest, even if they no longer itemize because of the higher standard deduction.
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