Organizers seem to be getting longer and longer while tax practitioners strive to reduce taxes for their clients. Here are two reasons why this is happening. With regard to a vehicle purchase, the IRS just certified that the 2005 Ford Escape is eligible for the clean-burning fuel deduction. Taxpayers who purchase this vehicle may claim a tax deduction of $2,000, the incremental cost that is related to the vehicle's electric motor and related equipment. They don't have to itemize to claim the deduction. Similarly, eligible educators may deduct up to $250 in qualified purchases of books and classroom supplies. This is also an "above-the-line" deduction.
Whether you produce your own organizer or send out a commercially produced one, you should review the changes made by the recent laws to make sure no needed questions are left out.
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