- quote -

These were both extended in the tax bill passed on Friday.
The President is expected to sign it soon.

Wayne

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"runtwoday" <runtwoday[at]netscape.net> wrote:

- quote -

they were extended in bills passed in senate and house last
night or one might more correctly say this morning

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runtwoday wrote:

- quote -

The Congress extended a lot of expired items yesterday, just
before adjurning for the year. It is yet to be seen just
which ones they include.

Missy Doyle

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A.G. Kalman wrote:
- quote -

HR 6411 passed both houses and is awaiting the President's
signature. For a detailed summary, see:
http://waysandmeans.house.gov/media/...ledsummary.pdf

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runtwoday wrote:

- quote -

Here it is Saturday morning and CNN reports that congress
did pass the extenders, meaning both houses it would
appear.

Now then. 2006 tax forms have already been contracted out
to the printers without the necessary lines. Oh boy, THIS
is going to be fun!

And think of those taxpayers who don't read instructions or
may not hear about it.

ChEAr$,
Harlan Lunsord, EA n LA

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runtwoday wrote:

- quote -

Not so far, but you can hope.

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runtwoday wrote:

- quote -

No... but... CNN just reported..
"In a 367-45 vote, the House on Friday afternoon passed tax
legislation that would renew for two years a host of expired
business tax credits and popular individual tax breaks, and
introduce a new, one-year itemized deduction for mortgage
insurance premiums.

The Senate is expected to vote on the legislation either
Friday evening or sometime over the weekend.

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"runtwoday" <runtwoday[at]netscape.net> wrote:

- quote -

Not yet, and the odds are shrinking that they still will.

Ira Smilovitz

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runtwoday wrote:

- quote -

Not yet (as I type this) but perhaps soon. Keep track of
H.R.6408, the Tax Relief and Health Care Act of 2006.

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"runtwoday" <runtwoday[at]netscape.net> wrote
- quote -

Not yet.....................

Please stay tuned to the Washingtonian circus to see if/when
they get around to doing such.

My guess is, shortly after they return from Christmas break
(I'm sure they have a PC term) they'll argue the virtues of
those (and other) tax breaks being extended, and after much
debate and the gnashing of teeth and pulling of hair, extend
those breaks till the end of December 2006 - oh, about mid
to late March when it gets signed into law. Causing many to
be forced to file amended returns or opt to not amend,
therefore missing the opportunity to claim said deduction.

The next year, they'll point to the small number of
taxpayers who took that credit or deduction and just let it
lapse for 2007 and beyond.

Of course, both sides of the aisle will point to the other
side and proclaim that "They are mean to you for increasing
your taxes". And then they vote themselves a raise and
take the summer off.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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1040 line 23 Educator expense
1040 line 34 Tuition and fees deduction
Were these deductions which expired last year (12/31/05)extended by
Congress for 2006?

Thanks

Carl

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