New Tax Deductions
    The latest changes in the tax law that will effect you.
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2004 New Tax Deductions

2004 New Tax Deductions

An archive of the new tax deductions for year 2004:

Teacher's Deduction
If you are a teacher you may have thought that you no longer are eligble for the educators' deduction because it expired at the end of 2003. The good news is that this deduction was restored through The Working Families Tax Relief Act for 2004 and 2005...Teachers Deduction

Sales Tax Deduction 2004
The American Jobs Creation Bill (2004) gives individual taxpayers who file itemized deductions (Schedule A) on their federal tax return two options: 1) to deduct their state and local sales tax or 2) to deduct their state income taxes on their 2004 tax return...Sales Tax Deduction 2004

Tsunami Relief Contributions
Senators Chuck Grassley, Republican (Iowa), and Max Baucus, Democrat (Montana), made a proposal that was enacted into law that 2004 charitable tax donations deadline - which normally would have ended on December 31, 2004 - be extended until January 31, 2005 for earthquake and tsunami disaster relief donations. President Bush signed the bill into law on January 7. Donations made to qualifying charities before January 31 can be deducted off your 2004 taxes...Tsunami Relief Contributions

SUV Deduction
Congress closed a loophole this year that many business owners were using to write off the entire cost of their Sport Utility Vehicles (SUVs). Under the old law, SUVs that weighed more than 6,000 pounds could take a first year tax deduction of $100,000 as opposed to the $25,000 deduction for regular cars used for business...SUV Deduction

 
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