Fiscal cliff deal included retroactive tax breaks
The “fiscal cliff” tax deal approved by Congress this week means higher income tax rates for the wealthy and an end to the payroll tax break, but there’s much more to it than that.
Tucked into the legislation were dozens of provisions that extend tax breaks to businesses and individuals, and a number of them were made retroactive, creating tax credits and deductions for activities that happened in 2012.
From homeowners to school teachers, from small business owners to parents paying tuition bills, and from restaurateurs to television show producers, there are a slew of tax breaks that had expired at the end of 2011, but now they are back.
Read more in upcoming editions of The Post and Courier. Follow David Slade on Twitter @DSladeNews.