What is the chance that the tuition deduction will be extended for 2006?
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Originally posted by JoeW
Well out west here Maria Cantwell has said after her re-election that the tuition deduction and sales tax deduction are her main priorities when the session gets back. So I guess we will see! -
Kiplinger's November 3rd tax letter said we could bank on it being restored by year end. However this was prior to the election and now all bets are off.Comment
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Don't forget the tuition tax breaks were put into effect originally to placate the dems. So for middle class you can bank on it. And George will sign any tax cut or spending bill put on his desk. The biggest tax cut and spender in history. Read my lips.Comment
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Instead of Cut-and-run---
You have described Bushonomics as opposed to Vodoo economics very well: " TAX CUT AND SPEND".
Deficit spending is not a way to minimize taxes. As the national debt grows, the interest on the debt grows and grows. Even if we never reduce the principal, taxes ultilmately have to be increased just to pay the interest.
I agree that all tax deductions will be continued, even increased. All they have to do is raise the tax rate to offset the deductions--buy now pay later.Comment
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Not so good
I just read a report that said 2006 IRS forms went to print on 11/7. So it is unlikely that the tuition deduction and other items will be put back in play in 2006.Comment
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I think the IRS will be rereleasing some forms.Comment
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How soon people forget what happened in the spring of 2002, after half of all 2001 tax returns had already been filed.Originally posted by Kram BergGold
Remember bonus depreciation?Comment
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And it happened again
in the early 1980s. In July, congress passed tax law changes for the previous year.
Approximately 75% of all tax returns filed by then had to be amended.
With congress, nothing is "impossible".Comment
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Amending 1980 returns
I guess I'm out of luck. It's too late to amend my 1980 return and get back my $50,000 overpayment.Comment
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