Tax breaks for faculty tuition and medical bills simply got here again from the useless — learn this earlier than submitting your taxes
On December 20, President Donald Trump signed into regulation the Taxpayer Certainty and Catastrophe Tax Reduction Act of 2019 (the Act). The brand new laws retroactively resurrects and/or extends a bunch of particular person and enterprise federal earnings tax breaks, which we’ll name the extenders. The extensions usually undergo 2020. This column covers what it is advisable know concerning the extenders which are almost definitely to assist particular person taxpayers.
As its title signifies, the Act additionally features a bevy of federal tax aid provisions for catastrophe victims. See under for extra info on that.