Some tax breaks that were made permanent parts of the tax code also are affected by inflation. The IRS has announced those effects for the 2016 tax year.
Although Congress didn’t finalize 2014 tax laws until a couple of weeks ago, the IRS says it will be able to start the 2015 filing season on time.
It looks like the expired tax breaks known as extenders are finally on their way to approval. But the deal is only for the 2014 tax year. Further action will be needed in 2015.
Congressional procrastination and IRS staffing problems are likely to mean the upcoming 2015 tax-filing season will be a mess.
The tax bill passed to keep us from falling off the “fiscal cliff” also contained some questionable tax breaks for certain unorthodox businesses.
Remember yesterday when I suggested you do all you can to close on your new home by June 30 if you want to claim the first-time homebuyer credit on your 2010 taxes? The Senate made that advice more urgent last night when, for the third time it was unable to sign off on the tax