Key tax deductions left hanging
This is an easy to read article about the current tax policies that have the potential to change for U.S. taxpayers within the next year. Right now, the key issues being discussed are the payroll tax and the federal unemployment benefits. However, there are still more than 50 business and individual tax breaks that will be expiring and then brought back from the "dead" for 2013. Some of these include: mass transit tax break, state and local sales tax deductions, mortgage insurance deductions, school teacher deductions, and higher education deductions. The main issue with the uncertainty with these deductions is that tax break amounts are subject to reduction. Congress could be hurting a lot of taxpayers who are counting on those deductions and are not prepared for the change. Do you think Congress is leaving these individuals enough time to adjust their lifestyles and savings to fit this new plan in 2013?
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