Parents, low-income families, students, teachers and mass commuters are among those who will benefit from a $760 billion tax deal that was signed into law on December 11, 2015.
- Bigger refund when you have kids.
- More generous tuition tax credit.
- Higher refund for low-income working families.
- Fairer treatment for mass transit commuters.
- Permanent deduction for residents of states without income taxes.
- Teacher deduction made permanent.
- Deduction for mortgage insurance premiums.
- Income exclusion for mortgage debt that’s been forgiven.
- Tuition tax deduction.
All information is from CNN Money; read the full article here: “How you’ll benefit from the new tax deal”.