Money Monday: How you’ll benefit from the new tax deal

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.

taxes“The deal, which was combined with a $1.1 trillion spending package for 2016, is dominated by business tax breaks. But it also includes more than $250 billion worth of tax breaks for individuals”:

  • 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”.

 

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