Taxes Tim K on 16 Dec 2006
All I want For Christmas Is Tax Relief
Yahoo Finance reports on the “Tax Relief and Health Care Act of 2006″
Uncle Sam gave Americans an early Christmas gift when Congress passed the “Tax Releif and Health Care Act of 2006″ on December 9th.
Some of the highlights of these tax breaks include
- Deduction of sales taxes if they exceed your state taxes. This is great for people living in states with little to no state tax.
- A $250 deduction for teachers on out-of-pocket classroom expenses
- Up to a $4,000 deduction on college tuition for middle income households.
- Itemized decution of mortgage insurance.
Note: This law was passed after the IRS deadline for printing 2006 tax materials so there will be nothing on your 1040 to let you know about these. For more
information, click here.



