Tax Law Changes
n"People claiming any of these three items - involving the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction as well as those taxpayers who itemize deductions on Form 1040 Schedule A - will need to wait to file their tax returns until tax processing," the IRS stated in a Dec. 23 press release. nWhile the new tax law will affect those claiming the tuition and fees deduction, there will be no filing delay for those claiming only the American Opportunity Tax Credit and Lifetime Learning Credit.
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