Many Popular Tax Rules Now Permanent

Many Popular Tax Rules Now Permanent

 

Frequent revisions in tax laws can make planning tough. Fortunately, a law passed late in 2015 changed a number of popular tax provisions from temporary to permanent. One is the American Opportunity Tax Credit, which provides a dollar-for-dollar credit of some qualified tuition and related expenses. Another is a deduction for college tuition. The rule that allows you to deduct state and local sales taxes is also now permanent, as is a deduction of up to $250 in unreimbursed classroom expenses for elementary and secondary school administrators and teachers. People over age 70½ who must take required minimum distributions from their IRAs can now depend on being able to use that money to make qualified charitable contributions if they choose—and avoid tax on the distribution. These are just a few examples of the provisions that were made permanent.

 

What’s the status of the tax rules that have the most important impact on your return? And which tax-saving opportunities are you missing? We can help you answer these and any other questions you have about your tax situation. Contact our office today for personalized advice and information.