PORTLAND, Ore. ( TheStreet) -- Welcome to March, when people who haven't filed their taxes yet are fearing the inevitable hit, looking for time to do the math, tracking down someone to do that math for them or trying to figure out all of the changes to the tax code.All those folks still sorting out how the fiscal cliff debate affected them will probably want to take a moment to look over the tax deductions created or extended by the American Taxpayer Relief Act of 2012. That's basically the tax portion of the fiscal cliff fix, and it just added a bunch of writeoffs to a collection of breaks most Americans miss anyway.
Are you one of the fortunate indebted graduates who was able to put some of that graduation money toward your student loans? It turns out early, voluntary interest payments are now deductible. You can deduct the full amount of student loan interest -- up to $2,500 annually - even if you paid more interest than required, Pavese says. You can also deduct interest for as long as you have the loan instead of just for the first 60 months, as was the case before the new law changed that stipulation permanently. You may have entered the real world with some crushing debt, but at least it's deductible debt.