With the Tax Relief and Health Care Act of 2006 now signed into law, the Internal Revenue Service has rolled out guidance to help taxpayers filing in 2007 claim the extended deductions and other tax advantages contained in the act.
As previously announced, because Congress waited until its lame-duck session to pass the bill, the IRS will not be able to process a small percentage of individual tax returns until early February, primarily involving three deductions -- the state and local sales tax (claimed on approximately 11.2 million tax returns for the 2005 tax year), the tuition and fees deduction (claimed on about 4.7 million returns a year ago), and the educator expense deduction (claimed on 3.5 million returns last year).
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