An important reminder as you file your taxes this year: The tax return forms and some of their instructions were printed before President Bush signed off on the Tax Relief and Health Care Act in December.
Experts note that the Act extends several expired or expiring tax breaks for individuals and small business owners -- all new benefits not included on the current tax forms.
"You have to know separately that you're entitled to them or you may forget to claim them," says Barbara Weltman, author of
J.K. Lasser's Small Business Taxes 2007
Some of the provisions of the Act for individuals include deductions on tuition and classroom expenses, as well as state and local sales tax as an itemized deduction. For businesses, the bill also extends credits for research and development, among other provisions.
If you plan to file your taxes online using a software program, make sure to download all the updates from the company's Web site. You can also refer to the
IRS for all supplemental information.
To view Farnoosh Torabi's video take of today's segment, click here.
Farnoosh Torabi joined TheStreet.com TV in July 2006 as the site's first official video correspondent. Previously, Farnoosh was a business producer and on-air reporter for NY1 News, Time Warner's 24-hour news channel in New York City. Farnoosh is a regular columnist for AM New York and has written for Money, Time, New York Daily News and Newsday. Farnoosh is a graduate of Pennsylvania State University, with a degree in Finance and International Business and holds a M.A. from the Columbia School of Journalism.