Saturday, January 19, 2013

Remember the good ol' days, with lots of state income tax deductions?

Tim Skubick: Remember the good ol' days, with lots of state income tax deductions? | MLive.com

But get a load of the tax deductions or exemptions that you use to get that ain’t no more.
If you made a contribution to charities last year, the credit you got in 2011, you will not get in 2012.
If you paid a city income tax, that credit is caput.
You use to get credit for college and tuition fees. Adios to that boys and girls.
And other credits are hit: renewable energy surcharge, home heating credit for seniors, an exemption for unemployment compensation, earned income tax credit, homestead property tax credit, and for kids at home under 18, the $600 deduction is out the window.
Tell junior to get a job to make up the lost credit.

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