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Columbia, MD, United States, 2007/01/03 - The Tax Relief and Health Care Act of 2006 extends tax deductions and you can receive IRS assistance on including extended deductions on returns.
FSI Tax Corp is informing taxpayers about a new law that extends several expiring tax breaks for up to two additional years. The company is also alerting tax filers to IRS assistance now available to help taxpayers take advantage of the additional deductions.
The Tax Relief and Health Care Act of 2006, signed into law December 21, extends the deductions of tuition and higher education expenses, deductions for state and local sales taxes as well as several other tax breaks.
The IRS now has new guidelines in place to begin helping tax filers claim the extended deductions on their 2006 returns. The IRS will be distributing “Publication 600, State and Local Sales Taxes,” which provides instructions and a table outlining the taxes.
“Taxpayers should expect to receive this publication in the mail shortly and should not throw it out,” said FSI Tax’s Managing Authorized Taxpayer Representative Michael Smith. “They should open it right away and read through the information to see what, if any, deduction information applies to them.” The publication can also be found on IRS.gov.
The law will also keep in place tax credits to rebuild Gulf Coast communities affected by 2005 hurricanes. In addition, it extends research and development tax breaks for businesses, the tax credit for hiring people off of welfare, energy conservation incentives and includes measures involving international trade. The law also increases the penalty for filing a fraudulent tax return from $500 to $5,000.
Consumers can learn more about taking advantage of tax deductions by reading FSI Tax’s latest article, which they can find on the company website.
About FSI Tax Corp
FSI Tax™ (fsitax.com) was established in January of 2004 with a mission to provide top-quality federal tax resolution services to taxpayers seeking compliance with the IRS. For more information about FSI Tax and the services they provide, please call 888-437-4669 or visit the fsitax website.