This Filing Season's Changes Explained

US-centric: TheJobBored blog posts a decent summary of the major changes to the U.S. tax code that may create new deductions and adjustments for you this year—or take some away. The post also links to an L.A. Times article it draws from, but which you may or may not be able to get to through a subscription firewall. Here are three items for which 2007 is the last year you can file for, so keep them in mind as you gather your receipts for the deadline—now less than two months away.

  • The tuition and fees deduction. Bummer if you have a kid in college or are doing continuing education for a better degree.
  • But the teachers get screwed too. This is the last year for the educator expense deduction, which lets schoolteachers to write off up to $250 in out-of-pocket classroom expenses.
  • And this is the last year to claim breaks on home energy improvement purchases. This means more energy efficient windows, water heaters, etc.

Hit the link below (or the LAT article above) for more tips on tax changes.


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