Certain deductions from gross income have been extended only through the end of the year, so it may be prudent to begin identifying opportunities to take advantage of those tax breaks.
Among the provisions are:
- The deduction of up to $250 for K-12 teachers’ expenses
- The deduction of up to $4,000 of tuition and related expenses (limited at higher income levels)
The technical information in this newsletter is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.